Unless you have had your head in the sand for the past year, you would have realised that Sydney’s property market is hot right now. This week, the Reserve Bank of Australia kept the official cash rate on hold, signalling that the market will more than likely continue its upward trend.
Recent property data reveals that capital city dwelling values posted a 2.3% jump over the month of March, with every capital city recording a month-on-month rise in dwelling values. Sydney is, on average, the expensive city with median dwelling price of$630,000.
According to RP Data research director Tim Lawless, half of all Australia’s capital cities are now posting record high dwelling values, with Sydney’s housing market showing the most substantial increase beyond its previous market high. Sydney dwelling values are now 15.8 per cent higher than their previous peak reports Tim.
A vendor may think that just because the market’s hot they will get the best possible price. Yes they will get a good result due to the state of the market, but getting a record price takes more than a strong market.
The perfect example of this is a recent sale Samia and I completed in Riverview.
A standard 1940s three bedroom brick home, with a small family room extension and north-facing backyard sold for $1.7 million recently – a record for this property type in Riverview.
Achieving a record price for a property type in a particular suburb takes more than just a transactional approach – even in a strong market. Part of this is engaging an agent who will do what other real estate agents don’t (and won’t) do.
The right selling process, and understanding and implementing sales dynamics, is key. Giving the right expectations to vendors and buyers also ensures the best possible price is achieved. There’s no point under-quoting a property to have most interested buyers walk away once the property is beyond their price range. A buoyed market helps, but good agents realise the value of proper research and work with the vendor. Those putting in the extra effort achieve the record price!
Riverview Realty is a boutique agency focused on achieving the maximum price, with a client engagement that is above the industry standard. We call it the “Ultimate Experience” which forms part of our unique selling proposition.
Ph. 02 9420 0083, 59 Tambourine Bay Road, Riverview.