Latest News RSS Feed

May 29th Auction Event

Wed, 09 May 2012 11:53:54 +1000

N G Farah would like to invite everyone to come along to their monthly in room auction evening on Tuesday the 29th of May. Starting from 6:30pm at Coogee's Crowne Plaza Hotel, there will be a multitude of quality properties on offer as N G Farah looks to continue their excellent auction clearance rate which for stands at 76% so far for 2012, highly commendable as Sydney clearance rates hover around 55%.

With a great range of properties on offer, there will be surely something that will ignite everybody’s interest. 6 Paterson Street in Matraville is a substantial freestanding home on a corner block, presenting a superb opportunity with scope for improvements. On the other hand, 2/48 Carrington Road in Randwick is an ultra-contemporary attached family home, which emanates quality and comfort to potential purchasers.

A total of 14 properties are scheduled to be auctioned on the evening encouraging an exciting and informative event for those who are actively on the property hunt or just interested to see how the market is fairing. For a full list of properties to be auctioned click here http://www.ngfarah.com.au/Upcoming-Auctions.php.

Market Update April 2012

Wed, 04 Apr 2012 10:14:49 +1000

Market Update

Real Estate Sales were strong during the first quarter of 2012 for N G Farah. Properties that had been on the market from late 2011 and hadn’t yet sold, were eventually sold in the first quarter of 2012 for their asking prices. Overall there has been a shortage of stock in the southeast region of Sydney and as a result of that, there are not as many buyers looking for property. Buyers are inspired by choice and you can be sure that the more properties that are for sale in the area, the higher the numbers will be at open houses.

The Southeast is still poised for continued growth, demand for property is increasing and buyers see more value now in the market than maybe 2 or 3 years ago. The fact that the rental market is on the up and up and there is a shortage of rental accommodation will ultimately fuel property prices in our area. Already in 2012, N G Farah have made some record sales which include

-       4 Winburn Avenue Kingsford                        $2.83 Million
-       3/96 Beach Street Coogee                            $2.2 million
-       36 Burke Street Chifley                                 $1,050,000
-       36 Sackville Street Maroubra                        $1.53 Million
-       22 Rainbow Street Kingsford                        $720,000 ($120K over the reserve)
-       3/8 Major Street Coogee                                $1,050,00 ($130K over the reserve)
-       273-275 Avoca Street Randwick                  $4 Million
-       28 Abbe Receveur Place Little Bay              $1,070,000
-       58 Snape Street Maroubra                            $1,185,000

Governor of the Reserve Bank, Glenn Stevens decided to keep interest rates on hold today, but you can rest assured that over the next 3 – 6 months, interest rates will definitely fall, which will make property even more attractive. Buyers are attracted to the Southeast of Sydney due to its strategic location to the CBD, Sydney Airport, UNSW, Eastern Beaches, Prince of Wales Hospital and Centennial Parklands. Ultimately the Southeast is land locked and whilst buyers may be cautious today, we believe prices will continue to be buoyant as more people continue to value convenience and lifestyle over price.

Already in 2012, N G Farah boasts an auction clearance rate of 76%, well over the industry average which has remained between 50%-60% for the past 12 months. May is traditionally a strong selling month, so buyers will have more choice in the weeks after Easter.

N G Farah delivers solid start for their 2012 In Room Auction events.

Wed, 22 Feb 2012 14:19:02 +1100

February in Room auction event as witnessed by our chief auctioneer, Damien Cooley of Cooley’s Auctions.

Hi guys, firstly I want to congratulate you on the results from last night. I thought the night was excellent. You guys excelled in the way you worked the room and got the deal together. I encourage you all to continue to get more involved with greeting people and making people feel welcome at our N G Farah auction events and helping out where you can.

Last year we spoke about building the auction culture and improving the camaraderie within the team. Last nights in room auction event was a brilliant example of how when we come together as a team we can achieve terrific success. All of this will breed listings, build exposure for you and the brand and in turn increase the pay cheque.

We need to keep this momentum going into our next auction night on 20^thMarch. The work you are doing now will have a direct effect on the auction listings you have in April, May and June. Well done team.

February auction event facts and figures:

Clearance Rate: 68.4% selling 13 / 19

Sold: $10,700,000 worth of real estate was exchanged in this auction event

Registrations: 23 people registered to bid across 8 live auctions that we conducted which equates to 2.875 registrations per property

Bids received: 129 bids on the 8 auctions conducted which is an average of 16 bids per auction

N G Farah invites you to come down to our next auction event on Tuesday 20th March at The Crowne Plaza, Coogee Beach from 6.30pm to witness the auction event first-hand.

N G Farah Finishes Strong In Tough Year

Tue, 17 Jan 2012 12:55:09 +1100

2011 has proven to be challenging in Sydney’s South Eastern property market. Buyers become cautious in what normally is a very buoyant market place.

There is no disputing the facts that the top tier of the property market and the harbour side properties are making it ripe for bargain hunters searching for properties over $1,500,000.

The reality is that there are only a handful of suburbs in the South East Sydney market where properties are still growing in value. They are specifically properties under $1,000,000 in Sydney’s Inner suburbs and East. These suburbs include: Alexandria, Botany, Chifley, East Botany, Eastlakes, Mascot, Matraville, Hillsdale, Malabar, Pagewood, Maroubra Junction and apartments in the Kingsford and Kensington areas.

Overall N G Farah finished the year with $400,000,000 in residential sales and an average auction clearance rate of 78%. At a time when clearance rates are hovering at around 50% throughout Sydney’s metro area. The success of our in room auctions at the Crowne Plaza, Coogee Beach in 2011 was a clear point of difference for N G Farah amongst our competitors.

Market Report

Wed, 14 Sep 2011 17:41:23 +1000

The value of your property, the kind of marketing campaign you undertake, and most importantly your choice of agent. For example, an agency will typically charge a commission of between 1.5% and 2.5% of the home's eventual sale price.

Some agents may also negotiate a variable commission in effect a bonus is negotiated to be paid to the agency for any amount the property sells above an agreed amount that the vendor usually agrees to achieving.

For example, if your home is proposed to be worth $900,000, an agency may negotiate a commission of 2% of the overall sale price, plus a 5% variable commission, for any amount it achieves over $900,000. Assuming your property sells for $940,000 the agency would receive an $18,000 initial commission and a $2000 variable commission as a bonus.

What is negotiated will usually depend on agency competition in the area and should be formalised in writing during the interview process with agents, along with any additional extras, such as professional photography. Agents will not charge their fee until after your property has sold, which may be months after a campaign starts, and will usually withdraw their commissions from any deposit paid by a buyer.

Advertising is a separate cost. A full media campaign is typically between 1% and 1.5% of the property's value and will cover costs associated with the For Sale sign board, copywriting, online advertising and print media.

Vendors should also expect to pay at least $1000 for legal costs, if the property is being sold by auction and any amendments required to the title.

Spring is a great time to consider selling, If you would like a no obligation Market appraisal of your home call n g farah covering Coastal and Parkside homes.