Proptech Carpool – Bondi Market Wrap ft. James Ledgerwood

July 31, 2019
Real Estate Agent James Ledgerwood from The Agency gives us his Market Wrap for Bondi and discusses what he’s seeing for the market.

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Here’s the transcript of the video:

James Ledgerwood from The Agency
Thanks for joining the carpool series with Soho.
Thanks for having me
Bondi, your marketplace, heaps happening.
I guess in the last 30 days, what's the market wrap?
Mate there’s definitely plenty happening at the moment.
The weather's cleared up after the storm.
So you can probably see from the background here
it’s a cracker day.
The last 30 days there's a shortage of stock
on the market which you're probably hearing
from every agent that’s getting in your car.
Stock’s down, but our enquiry levels and
inspection numbers are still through the roof.
I've got one house running at the moment
at the top end of South Bondi, Bondi Rd.
Had 220 inquiries, 13 contracts out, with a guide of $4.2mil
And all the buyers that are coming through there
whether they’re in the right price range or not for that one,
They're asking what else have we got coming up
and asking me if there's more stock coming on in spring
because they're getting a bit frustrated at the moment.
Post-election; I think we're seeing buyers come back into the market
and owners have stepped back
and said ‘well there's no urgency, really’ in having to make a move that they
might have been thinking if there had been a change of government.
Let's say I'm a vendor at the moment, you know,
post elections. Do I come to market now or
what's your advice for vendors at the moment?
What's the opportunities coming to market now?
I think get your property prepared right now.
Do your painting, do your gardening, don't wait until
Spring really kicks into gear
because you'll find that you’re then
in the October-November Market rather than September.
Everybody thinks, sometimes, a lot of the time people wait too late
for Spring to kick into gear.
And it's already underway. It does take a bit of time to prep your property.
Yeah, but bringing your property to market
while there’s positive news, good clearance rates and buyers
who are missing out on properties, like right now
is going to be a good thing for them.
But I think we'll see a pretty steady Market
if there's not an explosion of stock,
right through to Christmas
and it’ll probably run right up to Christmas rather than beginning of December this year.
Yeah so what you’re saying is that there's a lot of buyers out there at the moment
and limited stocks so if a vendor brings their property on
they're going to have a good buyer pool to kind of choose from.
It’s your basic supply-and-demand chart
Supply’s down, demand’s strong.
You should be able to get a good price.
And good prices are sort of subjective at the moment
because people become very used to 15% growth year on year during a boom.
And yes, it's come backwards in a lot of instances.
There are other results, we've had a couple of options in the last 6-8 weeks.
that have sold 10-15% above reserve.
Had one in Andrews Avenue, reserve was $3.5million.
We sold it for $3,705,000.
So are you advising your vendors to come to market via auction at the moment.
given with the limited stock? I guess it could generate a little bit more interest.
A little bit more urgency anyway via the auction.
Auction is still definitely the most trusted and understood method of sale.
Buyers understand that if we're not going to auction
we’ll have some buyers come through.
So why aren't they going to auction? Or when’s the auction?
Private Treaty is another second option
and also there's an opportunity still to sell your property off market,
but that off market period should be a bit shorter
at the moment, maybe the first week to 10 days.
With a campaign ready to go to put a bit of pressure on those buyers
while it's off market for say,
that there’s an auction day coming up
James, you've obviously sold number of
properties throughout the year. Any notable ones
and anything that you've got kind of coming up?
Yeah, we're talking about low supply
and high buyer demand. We had an auction in March. The house in Ocean Street, Number 90
531 sqm metre block, family home on it.
We were expecting $3.3-$3.5mil based on
what it actually sold and the softening market.
Took it to auction had a guide of $3.3mil.
As I said, expectations up to $3.5mil.
We sold it for $3,738,000
65 bids, 5 registered bidders.
They all had a crack at the title.
Mixture of families trying to get into Bondi.
And then upgraders in Bondi coming from a semi into the
family home, really attracted by the big land.
Gotcha. Any current listing or future listings that you might want to mention?
Yeah. We've got a fantastic property we've got on the market.
For the first time in a 115 years.
It's been one family, 4 generations,
they’re wanting to downsize into an apartment.
694 square meter block. Federation style house.
We've had really good inquiry beginning of the campaign.
As mentioned earlier, over 200 enquiries.
And it’s looking like it’s going to be a great auction.
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