31 Jul 12
by Perry Beebe
Welcome to the July edition of Perry's Property Update. My name is Perry Beebe Managing director of Fanning Real Estate. We are in the depths of winter. No doubt many of you are bleary eyed watching the Olympics. Personally we have a new born baby at home who does not understand the importance of sleep at the moment. Well let's get on with the show.
The Wollongong real estate market continues to remain quiet with prices down over the last 12 months. BIS Shrapnel have stated that the property fundamentals are starting to support an improvement in residential market conditions particularly in areas where there is a lack of available properties. This definitely applies to Wollongong Real Estate.
The latest consumer confidence reports from Illawarra Regional Information Service show that consumer sentiment is fairly stable over the last 3 months but there has been a significant improvement in the sentiment to purchase a home although this has not translated to actual buyers looking for property yet.
However in this market there are some common factors for which properties sell and those that don't.
The first major factor is pricing. In the last quarter properties that sold were on the market for less than 60 days. This means that if your property is priced correctly it will sell quickly. If a property remains overpriced it just will not sell even with the passing of time.
The 2nd major factor is that for those sales the owners were motivated and committed to selling. Thereby confirming that if the thinking is to put my property on the market for my dream price and I will only sell for that dream price otherwise I will withdraw it from the market then the property may just not sell. It is important to listen to buyer feedback to achieve a sale.
Finally the 3rd factor is the importance of internet marketing. There are now many different real estate websites beyond just realestate.com.au. We are seeing more and more people using websites like allhomes and thehomepage. To ensure we generate as much interest as possible we advertise properties on at least 10 different real estate websites. And in the age of the internet everyone wants their questions answered instantly. For this reason we provide lots of high quality photos and text describing your property in detail.
I am sure everyone had their own ideas of what's working or not but these are definitely the trends that we are seeing.
Well that's it for another edition of Perry's Property Update.
Perry is the Managing Director of All Residential Real Estate.
All Residential Real Estate is a boutique agency passionate about providing very high levels of customer service. We believe that property sales and management is about you. It's about how you feel when you sell your property or have a property managed through an agent. At All Residential Real Estate, you have very experienced professionals who take pride in everything they do.
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