Home buyers keen to move, but banks slow to respond

The issue for most buyers is that the Banks are still taking a remarkably long time to provide loan approvals for those buyers who want to be sure of their financing before they bid at auction or make an offer before the big day!

This was certainly the case with a property that we auctioned this weekend in Preston, with several buyers racing between Banks and brokers in the week prior to ensure that they could bid on the day.

The property in question was a classic clinker brick home (pictured) on a wide 474sqm allotment in Marjorie Street, Preston. Centrally located between the retail hub of Northland and the café strip of High Street, this delightfully original home offered the tremendous potential for future renovations, extension or possibly even redevelopment. In the end, a spirited bidding duel between three keen buyers pushed the price above our happy vendor’s reserve price, with the gavel finally falling at a very satisfying $780,000. The new owners are looking forward to bringing major renovation plans to reality in the coming years.

One thing that makes a big difference for some vendors is paying close attention to how their property is presented before they release it to the market. One of the properties we launched this week was a prime example of this. The vendors undertook some strategic updates to their unit, and then had it professionally styled. The result at this week’s first Open House saw buyers coming through at a rate of close to one per minute during the 30-minute inspection…We love it when clients listen to good advice!

So don’t forget, if you are considering selling in the next few months and want to make sure that you make the most of the current market opportunities, don’t hesitate to call on the team at Barry Plant Inner North for some experienced advice and tips.