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Monday, October 8, 2007

Are Sydney Housing Prices on the Rise?

The biggest question facing home buyers right now is whether or not home prices have started to rise again and is the rise going to be like that of 2000-2003?


Well, here's my thoughts:


The top end of the market is booming with multi-million dollar sales for Sydney Harbourfront homes continuing to set new records with Point Piper continuing to be the stand out piece of Sydney real estate.


Prices in Sydney's west are continuing to struggle with buyer demand lower than supply. The biggest problem facing vendors in Sydney's west is that many real estate agents are suggesting prices that are way too high in order to "buy a listing".


The term " buy a listing" refers to agents suggesting inflated prices for homes, dishonestly trying to create hope of achieving a higher price to win the listing by convincing the home owner that the impossible is actually achievable. Vendors really need to beware of this practice and should insist on evidence to support any suggestion of a price outcome.


I guess the best way of looking at housing prices at the moment is that suburbs of high demand around the harbour and beaches are pushing forward and looking stable and positive. Suburbs that have been traditionally less popular are proving tough going when it comes to sales, however, a sensible and well thought out sales strategy will result in a successful sale. Huge opportunities exist for cashed up buyers who can buy into suburbs like Lakemba which I believe is a Sydney real estate hot spot.


Be realistic with your pricing and sales strategies and choose the agent that proves his or her ability to attract buyers to your home and negotiate the highest price possible every time. Ask to see their qualifications and do not accept that they have been agents for many years as proof of their ability. The largest sales office, the largest sales team or the closest office all mean very little in the internet age and with around 80% of homes being purchased by buyers searching on the net your agent needs to prove that they will and can maximise your sales price.


Look at companies like Google to see that the oldest isn't necessarily the best. Always choose an agent who shows a real point of difference - at Marquette Turner you can expect a proven strategey every time.


Michael Marquette

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