Real Estate

Time right to nab a Christmas bargain

Written by The ReReport
As seen in the Source link, written by on 2018-12-12 00:00:39

House hunters in the inner west have the chance to snap up properties for competitive prices as vendors look to finalise a sale before Christmas.

As the year comes to an end and the popular spring selling season winds down, there are plenty of properties still on the market providing buyers with the chance to negotiate prices down.


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The Christmas period is used as a deadline for both buyers and sellers, according to Raine and Horne agent Dib Chidiac, who believes now is the time to act if you’re looking to get into the market.

“It’s a good time to buy as owners are more willing to entertain offers so they have the clarity before the festive season and can look to purchase next year,” he said.

“There is room to negotiate prices down by around 2.5 per cent.”

While this may be the case, there is a severe lack of quality stock still available, according to Ray White Drummoyne agent Chris Wilkins, which could limit options.

Property prices across Sydney have had an annual decline of 8.1 per cent, per the CoreLogic Hedonic Index, with the inner west falling by 8 per cent in the same period.

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Mr Wilkins recently sold 53 Dening St in Drummoyne for $5.8 million, $650,000 above the reserve, a result which he believes highlights the demand for high-end properties.

“The demand is absolutely there and the auction two weekends ago really showed that,” he said.

The most important thing potential buyers need to do is have their finance in order, Mr Wilkins added, as it is getting tougher to obtain approval for a loan.

“I can’t stress this enough, people don’t understand how hard the banks are being at the moment,” he said.