With reduced stock across the property market, buyers are coming out in droves when sought-after blocks are becoming available in popular areas.
Norman So and selling agent Simon Furnari, from Belle Property Strathfield, recently sold a completely rundown property for $1.8million above its reserve. A renovator’s delight, the property is located only a 10-minute walk to Sydney’s Strathfield CBD and is on a large block of more than 1005sqm’s with two street frontages.
“The home was basically uninhabitable, but with a big block and a location right near Strathfield’s world class facilities, buyers were out in hordes to see the property. We met more than 75 buyers through four weeks of marketing,” said Norman.
The Government’s new Home Builder scheme, which offers eligible applicants a $25,000 tax-free grant towards either a new build or a renovation, may have been the icing on the cake for the interest generated in the dilapidated property.
“Whether it’s a new home or a knock down, the interesting thing about the post COVID-19 lockdown market is that it’s a good time to be a buyer,” said Norman.
“Historically, Strathfield has been a blue-chip investment area as it has high quality schools, parklands and transport. But since COVID-19 we have seen a number of families take the opportunity to upgrade to bigger blocks or to other waterside suburbs nearby. Some of them have secured discounts in their dream suburbs, so they have been willing to show a bit of wriggle room in the price of their property. Basically meaning, it’s a good time for a buyer who may have been priced out of Strathfield before,” Norman added.
While there are clear benefits for buyers during the post COVID-19 period, Norman says there are also good opportunities for those looking to sell.
“Obviously, a lack of stock is a really good thing for sellers because we know we will have plenty of active of buyers when we bring a property to market. With that said, it’s now more important than ever to be listing with the right agent. A lot of our clients have been really looking around before choosing us as their agent and we recommend that all sellers do the same,” said Norman.
“In a challenging market you want to work with someone who will be aggressive in your sales and marketing strategy, who has a strong, connected database of potential buyers and who will only bring your property to market under the best conditions to ensure a strong result.
“We have maintained our market share in our area of 25 per cent and we’re very proud of that. We think these challenging periods will really separate the leading agents from the pack.”