Several properties that have been sold by Raine & Horne prior to auction in the past week demonstrate that Sydney’s robust residential market is a perfect time for owners to sell homes that typically take longer to transact in softer conditions.
“Every property has features that will appeal to buyers. However, some houses and apartments may tick fewer boxes based on size, style and location,” said Angus Raine, Executive Chairman of the Raine & Horne Group.
“It might be an apartment with no parking or balcony, a third-floor unit in a walk-up building, a tiny bedsit, or a house located on a main road or across from a railway line.
“In softer markets, properties with some flies on them may take longer to sell, but for now, they are selling weeks faster and often before the auction. A strong market smooths out the detractors and gets properties moving.
“Of course, properties are selling before auction because buyers are making offers that vendors are unable to refuse.”
On Sydney’s Northern Beaches, a stylish 5-bedroom home at 23 Lakeview Parade, Warriewood sold before auction for $2.6 million.
According to the selling agent, Ben Spackman, Director of Sales at Raine & Horne Mona Vale, the property attracted several buyers. The final price was excellent compared to other sales in the Warriewood area.
“Aesthetically, the property offered plenty of attractions, including stylish modern living and entertaining features over two light-filled levels. However, the home had an awkward floor plan that didn’t quite work for some buyers,” said Mr Spackman.
Mr Spackman also confirmed that quality properties are still achieving excellent prices at auction. “We sold a stunning five-bedroom home 12a Mariner that had a price guide of $2.9 million. We had eight registered bidders, and it sold under the hammer for $3.613 million on 30 May.”
In western Sydney, an oversized three-bedroom apartment at 30/29-31 Castlereagh Street Liverpool sold before auction for $470,000
“The fly in the ointment in our market is still demand for apartments. While demand for houses is strong, the apartment market is still rebounding in our patch,” said selling agent, Vince Labbozzetta, Director Raine & Horne Liverpool.
“Therefore, when a buyer came along with a satisfactory offer, the vendor was happy, and we didn’t need to proceed to an under the hammer sale.”
In Sydney’s red-hot Inner West market, Michael Harris, Director of Raine & Horne Newtown, confirmed that properties with a few issues, whether it’s located on a main road or has parking limitations, may sell before the auction.
“In contrast, if it’s a Triple-A listing in our region with many bidders, we will be more likely to continue to an under the hammer sale,” he said.
“Also, in situations where a buyer makes an extremely competitive offer, many vendors will be satisfied, and the property will change hands before the auction.”