Sydney Vendors need to get wise on Prices

"Vendors need to get wise on Prices," said Jonathan Chancellor, Property Editor of the Sydney Morning Herald. "Prices are not necessarily going up, and probably will not for some time." Later in his article he says "Vendors typically now have to trim 6.3% from their asking prices to sell their homes."

Apparently average time to sell has increased to 76 days.

Auctions certainly result in quicker sales, not because the property sells at auction (it often sells before or is passed in and sells soon after) but because the aution process educates the vendor about market interest and attracts a lot of prospective buyers who like to go to auctions, also to ascertain market values.

Of the seven properties Ray White Beecroft sold in the last seven weeks, four were sold around auctions, with time to sell of 16, 37, 35, and 30 days, an average of 29.5 days!