N G Farah Finishes Strong In Tough Year

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.  

Posted on Tuesday, 17 January 2012

Market Report

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. 

Posted on Wednesday, 14 September 2011

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