Market set for first major test

Market set for first major test

The inner west market is set to get its first real test of 2019 this Saturday with the biggest auction day of the year so far.

There are around 30 auctions scheduled for Saturday February 9 on in the region, with plenty of hope that buyers will be out in force.

The market won’t fully kick into gear until late February and early March, with Saturday, February 23 set to be the first ‘Super Saturday’.

With conditions changing in 2018, agents are still confident that the auction process is the most effective way to get the best price.

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Chris Wilkins of Ray White Drummoyne said although softer demand had made it more difficult to sell under the hammer, the auction process creates a sense of competition that is needed to achieve a big result.

“For an auction sale you have three chances to sell — before, at and after the auction,” he said.

“We’re now entering a balanced market. With many people buying and selling in the same market, the most appropriate method of sale needs to benefit the seller, not the agent.”

Mr Wilkins sold 53 Dening St in Drummoyne last November at auction for $5.8 million, a huge $650,000 above reserve, highlighting the effectiveness of an strong auction campaign.

The number of interested parties at most open homes has been a positive indicator so far, with the transparency that auctions provide a reason they are favoured, according to Fayez Yammine of Devine Real Estate.

“It’s a great way to set a deadline and everyone has a read on where they stand,” he said.

“We had two open homes last weekend with a dozen at one and 20 through another so the numbers and inquiries have been really strong.”


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