Thomas Merriman

I read an article that suggested the Sydney buyers were given hope as properties sell below price guide.
While we have not seen a lot of evidence on this locally, the main story out of this is that some sellers have compared their home with properties sold as far as 12 months ago. Further, the same sellers are comparing these sales prices with the projected growth from 6-12 months ago when they begun their plan to sell, and convinced the agents to market at this inflated price.

Some Agents are falling victim to this inflated price guide model as it becomes harder for them to sell stock, get stock or contemplate life in a changing market.

The key point is, these price guides, of which property sells below, from our perspective were always over inflated. As a seller and an Agent it is important to market a property with as accurate a guide as possible, this will help buyers engage with the property and ultimately a good agent will be able to achieve the result suggested.

There were originally 557 properties listed for Auction with 338 reported to have taken place and 234 reported as sold.

The median sale price was $1,200,000 which is still higher than the average sale price.

The Clearance rate was stuck at 55%

 

Thomas Merriman.