We sat down with Michael Tringali from McGrath Estate Agents to talk about Leichhardt and the surrounding suburbs real estate market.
See what Michael has to say about vendor opportunities in the market right now.
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Here’s the transcript of the video:
Let’s say I’m a vendor, I was kind of waiting post-elections to bring my property into market. What are the advantages or opportunities for the for me, Mr.Vendor to list my property post-election - Look and again, if there is opportunities for buyers, there’s going to be opportunities for vendors because if the buyers now start to engage And start to push on, which we've seen already with two sales in two days this week, already, post-election, nice. So if you are a vendor, now's a great time to go to market because the buyers are feeling it a little bit more confident. So they’re jumping in, you’re getting your property sold, so possibly, days on market will come down. If you've got that little bit more competition, because buyers are feeling more positive about it all, and the sentiment this week, with the phones ringing, and emails we receive, and with the two sales, tells me that that is the sentiment right now. If you're a vendor it's a great time to sell because you're not sitting there with your property on market for a lot of days and you got competition which could actually start to push prices up a little bit, never know. - Yeah, back end of 2019. I guess we’re nearly in June. How do you see the back end of the year playing out? Federal elections obviously finished, There's a lot of things that already, you know, Royal commission's gone, How does that play out? - Look, from all of those things. There's got to be a little pockets in Sydney, in New South Wales eastern seaboard markets and across Australia, We're going to see different things affecting different markets because of, you know, Economic climate and market conditions in those areas. And also demographics of who lives there. But what I think we're going to see, it's my personal opinion, is a very good opportunity that there could be a little bit of a blip. It's like the share market doesn't bleep like that. I think it could be a bleep going up because whoever’s result say late last year or early this year and was waiting to pick the bottom of the market, is probably now saying, hang on, “We’ve liberal government in, we've got banking changes coming, we've got hopefully some liquidity opening up. This might be the time I jump in before everybody else jumps in”, and they could be that little bit of a fear and that's what we saw this week, early in the week, because we had a property that didn't sell on the day at auction but immediately after the auction, the purchase was on the phone of a person to buy their place. We negotiated out a three-way deal effectively, to put a deal together and they were two other people snapping at their heels, and the same on Tuesday with the other seller, you know, four people having a bit of a tie for that, so we haven't seen that sort of competition for a few months. Yeah.