What’s REALLY happening in the Sydney property market?

The truth is……. there is an absolute frenzy of activity happening in the Sydney property market at the moment. Particularly in premium locations such as the Sutherland Shire, St George & Eastern Suburbs areas. Despite lenders taking double the amount of time to approve loans, there are still masses of buyers pounding the pavement every Saturday with the hope of locating their next home. 

Auctions and Tender campaigns are performing extremely well thanks to the perfect selling conditions currently being experienced. Record low interest rates, increased pressure to secure prior to Xmas and an upward trend in property prices has created an urgency we have not seen in some time.  Many buyers have a serious case of FOMO (fear of missing out) and are willing to pay top dollar to secure a property NOW, driving prices even higher.

Here’s a taste of what we’re experiencing first hand ‘on the ground’:

1. Last month with the assistance of Ray White Rockdale, we sold a deceased estate under the hammer to a young couple taking their first step into the property market. Interest prior to Auction was around the $950,000 to $1million mark. The property needed complete renovation and didn’t suit all buyers. Under competitive Auction conditions we were able to achieve a sale price of $1,185,000 which was $135,000 above reserve!

2. Last weekend and with the assistance of a local agent, we sold a 3 bedroom home in Mount Warrigal after just 3 days on the market. Demand in this area just south of Wollongong is exploding, and we had 40 groups through the home in  just one weekend (a record for this agency). Under our guidance, the property was impeccably styled (thanks to South Coast Property Styling) and we are so pleased our vendor took our advice to remove a few walls inside the garage. Converting from a 1 car garage to 2 and a boat PLUS a storeroom was a huge drawcard. The final result was way in excess of our vendor’s expectations and we negotiated a quick settlement prior to Xmas which suited everyone.

3. Last week we are very pleased to have assisted our vendors of a 1 bedroom Cronulla apartment to secure a second buyer after the first buyer’s finance approval didn’t come through. It took the bank 20 days of a cool off period to advise the loan was not approved which was an extremely frustrating time for all involved. So after only 2 days back on the market, we secured another buyer for $1600 more than what was already an amazing price for the building.

These are just a few of the sales we’ve had the privilege of being involved with.

If you’re considering selling in 2021, now is the time to start planning. We can help you avoid the New Year rush, provide advice on ways to maximise your sale price and ensure you choose the best agent for the job. You cannot afford to leave anything to chance when it comes to selling your largest asset. And the fact it costs you nothing extra to engage our expertise should be enough of an incentive to give us a call. If you don’t think we’re a good fit for you, there’s no hard feelings.

Click here for more info or call us directly on 0411 522233 to discuss further.