Market Report Market Conditions are Hot & Cold

There is no doubt that Australians are interested in real estate hence the success of the renovating show "The Block" and many others like "Hot Auctions" and "Hot Property".

It is a great Australian dream for families to own their own home. Whilst a buoyant property market does make that dream more difficult to achieve, most young Australians believe that they can achieve their goals and aspirations by owning their own home.

The property market in Sydney´s South Eastern suburbs continues to report confidence from buyers and a shortage of sellers. At N G Farah´s last in-room auction on 23rd August 2011 at Crowne Plaza Coogee Beach, the team successfully sold all properties under the hammer achieving a staggering 100% clearance rate.

The most pleasing aspect of our last in-room auction was that many properties sold in excess of the vendor’s reserve prices. This indicates that the markets are still growing especially the South Eastern peninsula of Sydney.

In a direct contrast the most exposed properties to ever come up for sale in Australia in Melbourne was a great disappointment. We are referring to the "The Block" and only 1 out of 4 properties sold at the auction. These properties were all in a moderate price range and had been renovated to the very highest standard. More than 25,000 people inspected the properties during their open houses. But in the end there was a lack of confidence from the buyers and that translated into a very poor auction show.

All the properties will be sold after the auction without a doubt as they were all quality properties but in this instance you can see the difference between Sydney and Melbourne. Sydney is moving along nicely, middle range properties are still selling well and some suburbs are still achieving capital growth. Melbourne has completely topped out already, buyers are scarce and there are a lot of properties on the market still for sale.