Urbane has enjoyed a strong start to the year with seven out of nine properties selling at auction and achieving prices that were in our expected ranges, though down on last year’s prices.
One of our notable sales last month was a four-bedroom house at 217 Denison St, Newtown. The two-storey terrace on 253sq m was sold off-market for $2.95 million just three hours after it was listed. It is evidence that good quality homes will sell well regardless of the market.
We have had solid numbers of buyers at our open for inspections and this has largely been driven by a lack of stock on the market. However, it is clear that buyers are a lot more reserved and cautious about buying property.
With the new underquoting laws that came into effect in January, we have noticed the frenzy that we saw in the middle of last year appears to have run its course.
Our advice to potential sellers is to think very strongly about selling in the first half of the year as opposed to the latter half. As the year progresses, more properties tend to hit the market and as confidence falls, prices may drop further.
With a federal election coming up, there always seems to be a lot of uncertainty and hesitation amongst buyers who are anxious to see which party gets elected and what policies they have to offer.
Our advice to buyers is to focus on finding a home that meets their requirements. The price they pay will not be relevant in 10 years’ time so think it is important that buyers do not over-analyse the price of a home but consider whether or not it ticks all the boxes.