Market Update Mixed Bag

Time for another mar­ket update on what is hap­pen­ing in your marketplace.

Recently March was some­what of a mixed bag this year with our sales team hav­ing sold close to 30 prop­er­ties this month alone with some out­stand­ing res­ults and prices achieved, how­ever it has not been all smooth sail­ing with some open home num­bers being on the lower side of the spectrum.

Some of the res­ults achieved this month include the 100% clear­ance rate with our Auc­tions this month which  saw the fol­low­ing prop­er­ties all SOLD under the hammer:

 

52 Bulli Rd, Toongabbie - $91,000 above the reserve

  • 49 Caloola Rd, Con­sti­tu­tion Hill — $60,000 above the reserve
  • 12 Second Ave, Toongab­bie — $56,500 above the reserve
  • 52 Bulli Rd, Toongab­bie — $91,000 above the reserve
  • 46 Lamon­erie St, Toongab­bie — $84,000 above the reserve

 

One par­tic­u­lar week­end in March saw 500 parties register across 17 open homes. A prop­erty at 4 Goya Place, Old Toongab­bie saw 34 groups through and 16 groups offer­ing on the prop­erty which lead to a sale price $142,000 above the ask­ing price.

While those are some of the pos­it­ive high­lights of the month as I said pre­vi­ously it has not been smooth sail­ing across the board. It has now become pub­lic know­ledge that the this mar­ket is the best ever exper­i­enced in the area which has led to an increased level of prop­er­ties becom­ing avail­able for sale as own­ers seek to take advant­age of these rare conditions.

This unfor­tu­nately is begin­ning to show signs of the mar­ket­place becom­ing over­sat­ur­ated with prop­er­ties for sale and effect­ively begin­ning to close the large gap between sup­ply and demand that has been exper­i­enced over the past 12 months.

happy sellers 52 Bulli Rd, Toongabbie with Leon Gietzmann

To put this in per­spect­ive over the past 6 months suc­cess­ful open homes would see any­where in the range of 50 — 100 groups register at the first open home. This month we have seen some suc­cess­ful open homes attract 30 – 40 groups. This is not to say that the higher num­bers achieved are no longer there as a prop­erty at 32 Ancona Ave, Toongab­bie saw 79 groups attend the first open home. But it is def­in­itely not some­thing to be ignored either.

The ques­tion now is why? With interest rates kept on hold what could be keep­ing buy­ers from the mar­ket place? Are they get­ting fed up with the frenzy week in and week out? Are people more con­cerned about what they are doing on the ANZAC long week­end or over the Easter period to look at homes they will prob­ably get priced out of?

Whatever it is I’ll be con­tinu­ing to keep you up to date on the good, the bad and the ugly of what is hap­pen­ing in your area as it happens.

I’d would also love to hear what your thoughts in the com­ment bel­low and please feel free to con­tact us any­time on 02 9896 2333.

About 

Jhai is an award win­ning Inter­net Mar­ket­ing Real Estate Agent for Eld­ers Toongab­bie and Kings Langley. After run­ning his own inter­net mar­ket­ing busi­ness he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to mar­ket them­selves online. Jhai is now fixed on one goal. To teach real estate agents that they can mar­ket online so much bet­ter than they cur­rently are.

Since then he has been con­sist­ently quoted in the Sydney Morn­ing Her­ald and Real Estate Busi­ness online. He is a reg­u­lar guest blog­ger on TheHomePage.com.au, shar­ing his expert­ise of mar­ket­ing aspects for the Real Estate Industry. His biggest pas­sions are his wife, mar­tial arts, dogs and most of all property.

seven hills real estate agent NSW
Cnr Federal Road Prospect Highway Seven Hills NSW 2147 Australia