Over the last few months, we have continued to see strong demand for homes that are well presented and priced right. Even with a shift in house prices due to inflation and increasing interest rates, the average time a property spends on the market has been just 24 days for auctioned properties and 37 days for private sales. In July we had a property up for private sale that received nine offers, and 2 Meridian Court, Croydon sold at auction for $160,000 over reserve. The hard deadline that auctions provide is working well in the current market. Such a deadline puts pressure on buyers to make a decision and the unconditional nature of an auction sale is making them an attractive option for many vendors. Private sales often require additional time for financing to be finalised, whereas auction buyers must have their financing in place.
With the market currently ripe for first-home buyers looking to purchase, we strongly encourage them to consider getting full preapproval prior to starting their home search. This will best position them for bidding at auctions or making an unconditional offer on a private sale, which is often more attractive to vendors. As the market continues to change, the Ray White Croydon team will always review the best strategy for each property and vendor to ensure we deliver the best results on pricing and timing. For our Recent Sales Click Here.