Considering selling? Now could be the time. Sydney buyers are actively searching for property, with competition fierce amongst investors and owner-occupiers. Stock has fallen across the nation with Sydney experiencing the greatest drop in new listings by 10.2% compared to the same period last year, and the total number of listings dropped by 13%* (RP Data, as at June 2, 2013).
If you are selling auction could be the way to go, especially with Sydney’s clearance rates continuing to boom, reaching 80.3% (RP Data, as at June 2, 2013). Some properties aren’t making it to auction, for example on June 6 Richard Matthews Real Estate sold 228 Concord Road, Concord West prior to auction.
Properties sold by private treaty are spending less time on the market. Sydney units are taking an average of 34 days to sell and houses just 35 days. This is a big drop compared to week ending March 3, 2013 which revealed houses in Sydney took an average of 66 days and units 49 days.**
To make your next move contact local property experts Richard Baini and Matthew Everingham on 9642 4288 for a free market appraisal and tailored advice, they would love the opportunity to assist.
*A new listing is one which has not been advertised for sale over the past 6 months, total listings include new listings and properties which have been previously advertised.
** Time on market is the average number of days between when a property is first listed for sale and the contract date.