Homes still sell amid Sydney’s new climate
Buyer numbers were down across our open homes on the weekend, yet the serious hunters were out and about, with 23 properties selling (the same number of homes as the week before).
Coronavirus was already much talked about among Sydney property onlookers but Saturday was our first real test, with buyers acting for a number of reasons. People have been on the hunt, they’ve been trying to buy, and they’re set on certain pockets/homes/offerings, or they need to purchase something.
As foot traffic dropped from 13 people per open home to an average of 8 groups, the BresicWhitney network ensured those deals happened as seamlessly as possible. The browsers have paired back, but those looking to secure a deal continue to be active. While private inspections and FaceTime tours became more integrated in our sales process, and working with committed and pre-qualified buyers saw a number of homes sell prior to auction.
Another win for vendors looking to sell is the major portals (REA and Domain) are offering free re-lists for any campaign affected by current dynamics. That means anything that doesn’t sell/lease can be re-listed for free. Rental listings will go from 30 days to 60 days online, and sales will go from 60 days to 120 days.
While this is on offer, our sellers can also withdraw listings and re-list later for free. It’s a valuable option for anyone in the market now, or anyone who has been thinking about launching.
There is so much flexibility right now that is looking after people’s health and future plans. Some highlights from the past 7 days…
Maclay Longhurst sold 302/1 Marian Street, Redfern for $1.65 million, finishing above exceptions.
Brigitte Blackman sold 701/97 Brompton Road, Kensington pre-auction with two people bidding prior. One was only introduced to the property the day before.
Rhonda Yim sold 27 Denison Road, Lewisham to someone we sent the photos to before it went online. The vendors were flexible with a shorter settlement period, and the purchasers made a strong offer, knowing that 70 groups had already viewed it in just one week.
William Phillips sold 14 Richards Street, Surry Hills – a substantial home and one of the area’s landmark sales for the month.
In the lead up to the weekend, Brad Papaellinas sold 206/11-23 Gordon Street, Marrickville for $975,000. Of the 12 buyers who inspected on Saturday, just 2 came from via online portals. The other 10 were invited via the BW network.
Nicholas McEvoy sold 5 George Street, Gladesville to a BW network buyer.
Michael Kirk sold 26/322 Bourke Street, Surry Hills prior to auction above $1 million after 3 weeks on the market. The buyer was an owner-occupier with their heart set on that apartment.
Domain economist Trent Wiltshire told media yesterday that Sydney’s final clearance rate would end up around 60%, some 15 percentage points below what it was two weeks ago.
At the moment, clearance rates are still higher than they were at this time last year when the market was also in a period of readjustment.
In the meantime, our teams remain focused on network sales, databases selling and pre-qualified buyers. Those are the key strengths we deliver our its people in uncertain market conditions.
Last weekend, all of our auctions were offered online, with the opportunity to watch or bid remotely. If you see something you like and need to move within our digital space, reach out to the listing agent.
As the situation continues to evolve, we’ll keep you updated.