TWO-TIERED MARKET WHERE CORRECT PRICING IS CRITICAL

Moving towards the end of October and we’re seeing a two-tiered market delivering a mixture of results, keeping both buyers and sellers on their toes. On the one hand we’re seeing plenty of buyers moving assertively to close deals on premium properties, with many properties selling prior to auction. However, buyers also appear to be driving harder deals on properties that might have some detracting feature, which are taking a little longer to sell and may fall slightly short of vendors’ expectations.

One thing’s for sure, correct pricing from the outset is critical to avoid properties languishing on the market, so it’s important to trust your agent’s recommendations. A few of our recent sales give an idea about the conditions out there in the market at the moment.

513 Lyons Road West, Five Dock

Last week Mia Fredrix and Chad Egan sold a resort-style family entertainer at 513 Lyons Road West, Five Dock, prior to auction for $2.45m after 18 days on market. Mia & Chad comment, “We had previously sold for these vendors and there was already a solid relationship based on history and trust, so when the time came to sell they reached out to us. They were ready to move on so it was our job to do what needed to be done to achieve the best result for them.

This was a unique sale from the start. Set on an unusually generous 750sqm block, we knew the property would appeal to a large pool of family buyers. However, it’s situated on a busy street so we capitalised on this by ensuring we had a glow signboard which would attract the attention of passing traffic. We were able to capture the essence and resort lifestyle of the home through inspirational photography. We also ensured that it was marketed to reach as many buyers as possible due to the uniquely large block size, not only targeting standard online portals but extending the reach to the Chinese newspapers and beyond.

Properties on such large land with desirable features such as a pool, multiple living spaces and a great set-up for entertaining don’t come along too often in the area which meant we had a lot of interest. All up we had around 5023 views online, 142 email enquiries and five contracts issued. Based on our existing relationship, the vendors trusted our guidance and feedback and this allowed for a smooth, efficient sale and a great result.”

5/28 Daniel Street, Leichhardt

Santos Sulfaro and Frank Sulfaro sold a freshly updated townhome fronting Hawthorne Canal Reserve at 5/28 Daniel Street, Leichhardt for $1.15m. Frank comments, “The property had been a rental for more than 10 years so we organised for it to be repainted, styled and landscaped prior to the sale.

When it came to the marketing, we arranged for two signboards to be placed at different locations around the complex to maximise exposure. We also strategically utilised social media to target the right demographic of buyers, using Instagram, FaceBook and YouTube to our best advantage.  

The response was strong, with 324 email enquiries, 92 parties inspecting the home and five contracts issued. The property sold in 24 days with the buyer coming from our online marketing efforts. Constant communication with buyers was critical to this sale and we were vigilant about updating them with weekly comparable results in the immediate area.

With some firm negotiating, we were able to overcome the environment caused by COVID, the tightening of bank approvals, border shutdowns and lack of overseas buyers. In terms of what we’re seeing as we move through Spring, stock levels appear to be tightening up and there seems to be some uncertainty brewing as to where the market is heading and what will happen once government grants cease.”

3/3-5 Gordon Street, Rozelle

Jonathan Hammond and Stephanie Zerial sold a modern two-bedroom apartment at 3/3-5 Gordon Street, Rozelle in 10 days. Stephanie comments of the sale, “This was a really appealing apartment so we had good interest and a solid number of parties through the open home. In our dealings with the interested buyer, we sent her the contract immediately after the inspection so she had the weekend to review it and really give it some serious thought. We made sure we were available at short notice in case she wanted another inspection and ended up showing her through again on the Sunday, which helped her make up her mind.

Having plenty of local knowledge and personally living close by gave us an edge when selling the lifestyle to our buyer as we were genuinely in a position to advocate all of the wonderful attributes the location offers. Careful negotiations meant we were able to extract an offer at a level we knew our client would be happy with, so the sale went really smoothly.”

4/123 Lilyfield Road, Lilyfield

Julie Hatch transacted 4/123 Lilyfield Road, Lilyfield, a one-bedroom apartment with city views that was marketed to the first homebuyer and investor markets. Julie comments, “I’d actually sold this property to the vendors 10 years ago so we had an established connection. The apartment needed a touch-up to get it sale-ready so we organised painting quotes and put the vendors in touch with a stylist.

We felt the message would be strong enough off the back of digital marketing only and didn’t feel that the vendors needed to devote any marketing budget to print advertising. We also conducted plenty of private inspections given the climate.

One obstacle we had to overcome was the size of the apartment, which at 37sqm internally was a deterrent to many buyers. We had good enquiries however as soon as they knew the size plenty weren’t interested. We counteracted this by being really upfront with buyers prior to inspection and letting them know what they needed in terms of financing for a property of this size, i.e 20% finance.

Our eventual buyer had a contract and the strata report before she came through for a private inspection and had her financials in order, making the transaction straightforward for all parties.”

Information 

It’s what we do behind the scenes all day every day that matters most 

At Cobden & Hayson, we are selling more property in a range of areas than our competitors, which provides deep insight into what is motivating buyers and sellers. As we meet more buyers each week, we quickly pick up subtle adjustments in sentiment and can adjust our guidance and information to match the mood of the market. We’re not a cookie-cutter agency, we’re constantly evolving around the nuances of the market to ensure both buyers and sellers are provided with the most accurate and up to date information. We understand buying and selling can be a challenge but if an agent can provide genuine well-supported information it certainly helps to provide trust and comfort. Buying or selling? We’d love to help.