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.
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.
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