In the doom and gloom that was the property market in 2008 it was difficult to see a time in the future when prices would bounce back, if not to the heights of 2007, then at least to a point that was better than encouraging. Is it possible that in the first weeks of spring 2013 we are starting to see that time?
Price Guides Blown out of the Water
Sydney auction sales in this period have surprised everyone, and the most talked about issue is the prices being paid for properties. An analysis of 50 recent property sales shows an average selling price of $129,000 above the reserve. This activity is not confined to the prestige suburbs but has spread out across Sydney, with properties in Liverpool and Dundas beating their price guides by thousands of dollars.
This is music to our ears at Prudential Real Estate. We have been anticipating a release of pent-up demand by buyers frustrated at missing out on a property by clinging to price expectations that have rapidly changed. Now they are realising that the market is moving and they are coming to auctions ready to compete with other buyers in Sydney.
Hard Work During Difficult Conditions now Paying Off
In any lengthy period of time where the market appears to be scarcely moving at all, the perception by some sellers is that real estate agents sit back and give up. Nothing could be further from the truth. Difficult market conditions require our people to work much harder to capture what little activity is happening. We pull out all our marketing tools, look everywhere for improvements and work hard to present any stunning featured sales property in the best possible light.
Now is the Time to List Your Property
This attracts whatever buyers there are, and when the market roars into life as it just has, the available stock is soaked up very quickly. After the recent auction results, we are encouraging any sellers who were thinking of listing their properties to contact Prudential Real Estate and discuss the market activity with one of our professional selling agents. We will give them an appraisal of what we believe they can expect, based on current activity.
All the signs indicate that even though there has been a flurry of listings in the last few weeks, there are still not enough properties for sale to quench buyer demand. If the law of supply and demand runs true, this will make auction days very exciting times. We expect eager buyers, tired of doom and gloom, to open their wallets and grab their dream property in Sydney.
We are looking forward with anticipation to exciting times and encourage both sellers and buyers to look at the service we offer by going to our website at www.prudential.com.au.