This Months Market Report

by George Nikos

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.

Similar posts

March 19, 2020

Why Sydney’s inner west is booming in popularity right now

We have always loved Newtown, now the rest of Australia has finally caught up –  it’s officially the most sought-after address in Australia. More buyers are looking for their new house in the iconic Sydney suburb than any other location in the country, according to search results from Australia’s No.1 property website realestate.com.au. Also illustrating […]

March 6, 2020

Residential tenancy reforms: what you need to know

Sweeping changes to rental laws that aim to improve the lives of both tenants and landlords will come into effect in NSW on March 23, 2020. According to Fair Trading NSW, these laws will “improve tenants’ renting experience while ensuring landlords can effectively manage their properties”. The main objectives of the news laws are to: […]

January 30, 2020

Six top home seller’s tips for 2020

Making a few small, easy to manage tweaks to your home before you sell can have a big impact upon the price you get. In introducing your home to potential buyers you want it to be as presentable as possible – you need to sell the lifestyle dream as well as you can. You want […]