“Great value is out there for the astute purchaser”

As 2018 comes to an end, the real estate market has witnessed over the year Auction Clearance rates come back to well under 50%, buyer confidence reach an all-time low and real estate prices come off by 20% (approx.) - since peaking in June 2017.

“It is not all bad news,” according to NGFarah’s agent auctioneer Glenn Farah, “we’ve had an adjustment in the market place which is always difficult for people to comprehend and adapt to. It is a direct result of Sydney’s overheated property market and a much tougher and aggressive lending policy influenced by the Royal Banking Commission.

“Real Estate at the moment is a little bit out of fashion but there is great value out there for astute purchasers.

“At NGFarah we understand these tougher market conditions better than anyone else - we’ve been through them time and time again throughout our 55+ year history. The beauty is that from our experience, we have gained knowledge that selling real estate is not just about turning up and looking the part.”

Earlier this week, NGFarah’s long term agent David Lee sold 571-573 Gardeners Road in Mascot for $17,650,000, Farah says “this transaction is the company’s biggest sale in 2018 and we are still selling a lot of property all over the Eastern suburbs.”

In the weeks prior, the company sold a site in Clovelly – 300 Clovelly Road – for $5,600,000, a commercial property in Kingsford at 476 Anzac Parade for $3,900,000 and countless blocks of flats in the Randwick precinct.

“Yes, prices are down – yes, buyers are shy – yes, the press are reporting every bit of negativity. But on a positive note, buyers are getting great value, banks are competing fiercely for business by chopping their rates for new customers and retailers are discounting stock. Overall it is a better time to be buying property. 

“We expect business to be as usual during 2019 with a strong selling period during February and March.”