Playing a lonely card at sales: [2 All-round First Edition]
Stapleton, John. The Australian; Canberra, A.C.T. [Canberra, A.C.T] 11 Dec 2003: 6.
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Abstract
At an auction in the Sydney beach suburb of Coogee last night only four out of the 10 properties sold — three of them prior to auction.
The only property that sold last night was a three-bedroom house in Hume Street, Chifley, a working-class suburb in southeast Sydney. The house went for $868,000 rising from $800,000 on very slow bidding. The property sits on a large block with potential for development.
A senior sales officer with [Ray White], Nicola Juhas, said the prospect of future rate rises was in people’s minds and she was advising vendors to hold off at least until February when prices were likely to be much more solid.
Full Text
THE sales are down, the prices are down, the crowds are down — welcome to Sydney real estate auctions at the end of the boom.
At an auction in the Sydney beach suburb of Coogee last night only four out of the 10 properties sold — three of them prior to auction.
Group chief auctioneer for Ray White Real Estate Tony Fountain said the same auction three months ago would have produced a clearance rate of at least 70 per cent with prices 10 to 15 per cent higher.
And where there were only one or two people bidding last night, three months ago there would have been half a dozen keen buyers.
Mr Fountain described the night as “par for the market where it is at the moment”.
He said he expected a shake-up in the real estate industry over the next six months as hundreds of agents who had been “living in lotus land” discovered they would have to work for a living.
“The lease on the Beamer will be looking sick for some,” he said. “It is about time they had to earn their money.
“These agents have had an absolute dream run for four years. Sixty per cent of the people in real estate have never known a hard time. They have been order takers, not real estate agents.”
The only property that sold last night was a three-bedroom house in Hume Street, Chifley, a working-class suburb in southeast Sydney. The house went for $868,000 rising from $800,000 on very slow bidding. The property sits on a large block with potential for development.
The buyer, who wished to remain anonymous, said he was confused about the market because expectations and prices were still high but “people are saying it is a good time to buy”. “The interest rate rises have made me more nervous, you don’t know if there will be further rises down the track.”
The vendors, on the other hand, expressed delight at the $868,000 and were clearly relieved that the property had sold.
Trevor Reid, a member of the family, said: “That was the price we wanted and we got it. We are overjoyed. We were prepared for it to be handed down, because we heard the market was very slow.”
A senior sales officer with Ray White, Nicola Juhas, said the prospect of future rate rises was in people’s minds and she was advising vendors to hold off at least until February when prices were likely to be much more solid.