Market snapshot
With only 8 weeks left in 2011 it is imperative to begin planning for the New Year because those who are thinking of selling in February/March 2012 are thinking about it now. Many of our top-performing agents have set a goal to book in a minimum of 5 auctions for February before they go on holidays in December. This is an excellent attitude that will set them up for a terrific start to 2012 with great exposure in the marketplace.
The past few weeks have been a big test for the Sydney residential real estate market, which has held up relatively well. Given Cooley Auctions’ reach in the market place and our diversified client base we get to experience firsthand any confidence shifts in bidding and selling activity. We believe the shift is tightening to what we have already seen. One-off results and out-of-line sales do not determine a moving market. Days on market and clearance rates are a key indicator of market confidence and we need to build confidence in the Sydney market. Our first interest rate cut since Melbourne Cup Day 2010 is good news for the industry. For the first time this year our clearance rate dropped below 50% for the month and the past 3 weeks have seen an on site auction clearance below 50%. We are also seeing properties taking longer to sell and therefore days on market increasing.
So the question we need to ask a seller is how we differentiate their home from others on the market? Professional marketing and the urgency of an auction provides more reach in a marketplace and reduces days on market. Don’t be hard on yourself, be hard on the market. Properties are on the market to be sold. Trust is a key factor in a seller’s decision to accept an agent’s advice and trust is a key factor in the buyer’s decision to bid or sign a contract. So the real question is… do your clients trust you?
Market highlights
Residential sector
A 2 bedroom semi with potential to extend and renovate (STCA) at 33 Noble Street, Five Dock sold for $890,000 through Shane Howley, Ray White Five Dock. Auctioneer: Cooley Auctions
An original single level home on a sundrenched 570sqm approx. at 26 Eyre Street, Chifley sold for $900,000 through Cameron Airlie, Ray White Maroubra, South Coogee. Auctioneer: Ricky Briggs
A single level home set on a generous 790sqm block with deck and landscaped pool at 14 Saunders Bay Road, Caringbah South sold for $930,000 through Vanessa Gilbert and Chris Murray, Greg Gilbert Real Estate. Auctioneer: Andrew Cooley
An ultra chic sun drenched north facing penthouse at 56/1 Murray Street, Pyrmont sold for $2,105,000 through James Crow, Morton & Morton Real Estate. Auctioneer: Damien Cooley
Commercial sector
A prime industrial building on 580sqm on the doorstep of the M4 Motorway Parramatta and Silverwater Roads at 14 Vore Street, Silverwater sold for $755,000 through Matthew Keeping, Colliers International. Auctioneer: Ricky Briggs
An exceptional modern warehouse with quality offices located over two levels at 6–7 Bushells Place, Wetherill Park sold for $3,750,000 through Marcel Elias, Colliers International. Auctioneer: Damien Cooley
A double storey, corner position, commercial building with approx. 41m frontage facing Queens Road at 4 Carrington Avenue, Hurstville sold for $1,450,000 through Hayden Bennett, Commercial Property Group. Auctioneer: Damien Cooley
A 212sqm Industrial strata unit at 12/83 Cox Avenue, Kingswood sold for $170,000 (receivers and managers sale) through Luke Belotti, PRD Nationwide Penrith. Auctioneer: Damien Cooley
Damien Cooley
Director - Cooley Auctions
