Karen Terry is back to share why The Forest is such a great market to be in and tips to bringing your property to market.
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Here’s the transcript of the video:
The forest. Yes. Tell me a little bit more. And I guess, what's the big attraction to, I guess, people wanting to invest in your area? Sure, great. Okay. So whilst I work out of the Forestville office, Trent. We actually work in a market known as The Forest. It's made up of five suburbs. It's Killarney Heights, Forestville, French's Forest, Davidson and Bellerose. So that's a 15,000 home market. So what we'll see is we'll see those people coming from we tend to see people coming from Cammeray, Willoughby, Inner West to move to the Forest Market because we are renowned for big properties on beautiful big blocks of land. Something that people from those markets don't tend to see and I would say 80% of my open for inspections are people from out of the area and tend to be young families. I was going to say just touching on demographics most of its young families? Do you get some young business professionals? How’s the breakdown? Sure. So what we see, obviously, the homeowners tend to be older, well-established people. A lot of them have been here for 30-40 years and it's the people that are coming in - our buyers. They tend to be young families. We're actually quite an affordable market. I mean average selling price is about $1.5mil. Okay, and guess what to the attraction to to move here? Why do so many people want to invest in your marketplace? I guess it's a great family market. We are surrounded by public schools, private schools and the Catholic schools. So people move here they think, ‘Oh, we’ll just be here for a few years’ and next thing you know, 20 years later, they're still in the same home because they're waiting for their kids to either move out or go to university. Yeah. Gotcha. Are there any particular pockets within The Forest that you like at the moment in terms of, for investors, anyway? Are there great investments spots or even for owner-occupiers? Is there some, I guess, some trends that you're seeing within The Forest? Mostly this is an owner-occupied market, you'll see as you drive around it is traditional family homes. Three-four bedroom home, single-storey, double-storey, swimming pool in the background sorry not in the background in the backyard. Not necessarily heavily investor-market. We do have a few units. One of the things in this market is in undersupply of home units for those dear elderly people that don't want to leave the area, would like to downsize but there's not a lot of available for them. So that's something that in the new hospital precinct, they're working towards more of a high-density living and it's to cater to all of the local market that are a bit older. Yep. And don't want to leave the market because this is where their families are actually still living. Gotcha. And just touching on the off market stuff. So for vendors who, I guess, aren't so familiar with that. What is that? And I guess how is that a benefit to them? Great. That's working with a list, firstly, of qualified buyers who've either missed out on properties that we've had recently. They might have missed out at auction or prior to auction. Contacting us, we have a very qualified list of hot buyers. Got the all their finances in place looking to buy obviously, frustrated. We don't actually take any marketing money from those off market opportunities. It's all generated old-fashioned way, on the phone, getting buyers through all at one time if we possibly can. It's also great to get feedback around pricing but we've sold a couple of properties off market recently and they were genuine, quiet, off-market. Found the right buyer, introduced them to the vendor and sold at a price that they were happy to sell for. Yeah. So I guess pricing is a big thing. So they don't have to pay the thousands of dollars to go onto the listing portals. They could bring it to market relatively cheaply, relatively quickly. Obviously, you've got a great buyer pull too. You’ve got to be confident. I mean if they want 20% too much and they're not going to pay for marketing and they want, you know, it's really difficult to put those deals together, but certainly if you've vendor’s realistic, we certainly do have those buyers you can certainly make it work for both parties. Yeah, I guess in terms of presenting a property or bringing property to market. How long do they actually what should they do? How do they get their house in order so to speak to kind of bring it to market? Definitely. Well you give us a call. We're very good at coordinating to get all of those trades through. To give you advice, put you in touch with a stylist. From day one to the time you can be on the market depending on what you need done. We could have you on the market within 5 days or it could be two weeks roughly depending on how much needs to be done, but we can take charge of the whole process. Okay.