As we reach the cooler months in the Sutherland Shire, you can be sure that there is one exception from the icy chill and that is the real estate market. That is definitely burning hot right now. Compared to the first quarter of the year we have been experiencing a huge influx of buyers that are taking advantage of the low interest rates and banks finally beginning to ease away from the stricter rules as a result of the 2008 financial crisis. This, however, has led to the following issues: Firstly, a lack of stock and secondly, high interest in properties leading to properties selling at or in some cases even above their asking prices. So how does this affect you? Well, if you’re a seller, this is your time to shine, get your property on the market before Spring when all the other sellers usually do. We expect spring is going to re-adjust the market once again and allow buyers more time and flexibility when it comes to finding their home (at the right price).
Contrary to popular belief, now is the best time to sell your property. The lack of competition and stock availability pushes prices up. In recent weeks, our office has effected a number of sales resulting in above asking sale prices. A couple of examples : 334 Forest Road, Kirrawee – asking price $849,950 – sale price $916,000. This property was on the market for 6 days; 17 Humberstone Ave, Gymea – asking price $765,000 – sale price $801,000. This property was on the market for 10 days.
Another fact to remember is that the Sutherland Shire property market is different from the rest of Sydney. General statistics don’t apply nor does property price. The Shire has it’s own property market, a market that is well sought after by other Sydney siders. Influx of buyers in recent years include those from the eastern and south western suburbs. These buyers are willing to pay generous prices for the lifestyle the Shire has to offer.
If you are a buyer, we suggest you ensure that all procedures and steps are in place to purchase your property. Make sure you are pre-approved and know exactly how much you can spend. Do not waste time deliberating or negotiating on what price to pay. We suggest you work out your best offer and put it in writing to the agent; try not to worry about the asking price or what others will pay, base your offer on how much the property is worth to you!