Sydney Property Market Update 23/03/2019
As we head into Easter (yes just four weeks away !) there will be a surge of new homes hitting the market as many owners wish to get a deal done before the market goes into a mini recess at the end of April with School Holidays kicking in also.
Our office has listed several fantastic properties in many different categories across the Inner West so make sure you get out to see them this Saturday.
One strange phenomenon I've witnessed lately is the habit of buyers sitting back and waiting to view a property they are interested in rather than inspecting it straight away. I understand life can be very busy and many purchasers are "not in a rush" or "waiting for the market to drop further" but what has happened recently has been very interesting.
For example, we sold a home at 187 Old Canterbury Road Dulwich Hill last week. This property went to Auction where only one registered bidder attended before it was priced immediately after. Many buyers subsequently saw this price as attractive due to the unique feature this home had, which was a land size that was well above the average.
Despite this, most of the buyers still hesitated on acting to the point where when we finally had a purchaser ready to proceed unconditionally a potential Dutch Auction of sorts threatened to break out.
In the end, the owner instructed us to accept the first buyer. They ultimately weren't prepared to take the risk of losing them for the possibility of a mildly higher sale price. The fact it had taken six weeks to secure them heavily influenced their decision and in their words, "Just sell it Aris, the others had plenty of time to act before this person."
In the end the simple fact remains that the owner of any property can sell it to whoever they want at whatever price they want. If you play it too cool as a buyer and create the impression in both the agent and their client's mind you aren't genuinely interested or ready to act promptly you may just miss out on an opportunity.
Just a bit of food for thought.
That's it from me. Have a great weekend and I'll see you next Thursday.
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