A return of investors to the property market signals a confident start to the year
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Feb 5, 2021
A return of investors to the property market signals a confident start to the year
McGrath Parramatta saw at clearance rate of 88 percent for houses sold under the hammer at its Super Saturday of onsite auctions last weekend.
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McGrath Estate AgentsAuctioneer Max Wylie pictured.
Of the 31 properties scheduled for auction, 22 sold either on the day or ahead of Saturday. Principal Kon Stathopoulos said the campaign has so far resulted in $21.61 million in sales. Seven of the 14 units exchanged on the day with two others pending an exchange.
“The housing market is extremely strong right now with low stock and high numbers of buyers,” said Mr Stathopoulos. “And, we’re seeing a return of investors to the market.” They are back and competing with the large numbers of first home buyers active since the New Year. Upsizers and downsizers remain strong forces in the market.
“However, it was surprising to see investors back in the fold.”
Towards the end of last year, Mr Stathopoulos devised the New Year campaign strategy with his team of agents which has seen a million online views of McGrath Parramatta and Blacktown properties and 2500 email enquiries.
“My team has met over 2000 buyers since the January 9 start of the campaign,” he said. “We’re seeing 35 per cent more buyers than at the peak of the Spring/Summer selling season. On Saturday, we had 177 people register to bid.”
Mr Stathopoulos cites record-low interest rates and the ease of borrowing money as creating positivity among buyers.
“We saw some outstanding results on Saturday,” said Mr Stathopoulos. “At 1 Hume Avenue in Ermington we had 18 registered bidders and a reserve of $1.4 million.”
Image: 1 Hume Avenue in Ermington.
The four-bedroom house sold for $1,495,000. At Pendle Hill, a house at 11 Parry Street attracted 25 bidders and 49 bids before selling for $1,071,000, $121,000 above reserve.
Image: 11 Parry Street in Pendle Hill.
“In units, we’re finding good quality properties that are well priced are selling at auction or soon after,” he added.
The unorthodox New Year campaign strategy has paid off for the McGrath Parramatta and Blacktown teams and their clients. “I thought if we beat the market and launched our properties before other agents in the area, we’d help all those buyers find a new home and as well as putting vendors the box seat for selling their properties,” said Mr Stathopoulos.
His hunch has paid off.
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Contact Details:
Contact details:
Kon Stathopoulos
Principal McGrath West Group
+61 400 124 518
Email
41538
41544
Kon Stathopoulos
