Our Backyard – Aireys Inlet

Unless you have had your head buried in the sand in recent months you will be aware that the real estate market in Australia has and is, undergoing some changes.

Doomsdayers have been getting lots of press talking about a housing crash etc. etc.  They point to falling auction clearance rates, declining house prices in particular in Sydney and Melbourne and even talk of an impending recession largely due to the fall in house prices.

My knowledge of the Melbourne and Sydney markets is largely limited to what I see and hear in the media.  Regarding the local market however, my knowledge is I think, first class.

There have been three very recent sales in Aireys Inlet and Fairhaven by other agencies which have had sale prices 20%, 27% and 33% respectively below the original asking prices.  They also averaged over seven months on the market!!

Pricing is a critical part of the listing process and too often vendors will choose the agent who promises the highest price.  As their asking price drops over time vendors are often embarrassed to re-open discussions with the other agent they initially dismissed, because no one wants to admit that they were wrong.  It’s human nature.

Of the last eight sales achieved by our agency, the average days on market was 35 days, and I am proud to say that the difference between the asking price and the sale price averaged under 5%.

Pricing real estate is not an exact science but it is not rocket science either.  Be wary of the agent who promises you the highest price.

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James Worssam

james@greatocdeanroadrealestate.com.au

0418 585 815

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