Sydney Housing Market Update 22/09/2017
So where is the market at?
Right where I like it, to be honest.
I'll let you in on a little secret. Not every agent dreams of 80% Auction clearance rates and manic buying conditions.
Why? I hear you ask.
Mainly because in a market like that agents are regularly perceived a not doing very much and getting well paid. The common catchphrase is "money for jam". It's also a time where I see buyers neglected and mistreated and many properties selling for supposedly "great prices" when I know that particular owner could have achieved significantly more.
It's only when things slow down to what I call normal selling conditions that the real difference a good agent can make to a sale comes to the fore.
As I have said in the past Auction clearance rates anywhere around 60% are fine by me. That is what I have been used to for the majority of the twenty years I have been in sales.
The biggest misconception is the 40% of properties that don't sell under the hammer during this period are consigned to the scrap heap, never to be seen again and their respective owners banished into purgatory after their public shaming.
The reality is about 10% sell on the day straight after the Auction and another 20% in the next two weeks leaving the final 10% sitting on the shelf for the long term.
For owners thinking about making a move this year the good news is that there really hasn't been a significant increase in the number of homes listed. The main change is in the number of buyers dropping marginally which has led to less competition.
So there is no reason to not list your property in a market like this. The big difference, however, is the agent you choose.
I also notice the number of properties withdrawn from Auction increasing markedly. For me this is simply the vanity of the Agent coming to the fore. They haven't listed or marketed the property well enough to attract competitive interest and therefore to "save face" don't go ahead with the Auction at all.
Maybe I've been around too long but I couldn't give two hoots what I look like or how underwhelming the Auction appears to the general public. My sole focus is to deliver the best possible price for my owner on the day. If that means running an Auction with only one registered bidder then so be it.
I'll also let you in on another secret - no one actually knows what is going to happen on the day, including to a lesser extent the Agent. We have sold two properties in the last month where the successful buyer saw the home for the very first time on the day of the Auction. If we hadn't held our nerve on behalf of the owner and withdrew it earlier would that have happened?
To check us out come to the three fantastic properties we will put under the hammer this Saturday (23/9/17). They include :
- 10.15AM: 4/27 St. Peters Street St. Peters: 3 B/R Townhouse + 2 Bathrooms & 1 car space
- 3.15PM: 111 Crinan Street Hurlstone Park: 2 B/R Art-Deco Semi + side driveway to carport
- 4.15PM: 2 Earlwood Crescent Bardwell Park: 4-5 B/R Two Storey home on corner block + huge LUG
All properties are available for a final inspection fifteen minutes prior and you are most welcome to attend. Alternatively, if you can't make it but are still curious you can watch all the action on Facebook Live simply by clicking here: