Competition is rife in the real estate market with soaring demand for affordable residential real estate prompting buyers to pay tens of thousands of dollars more than the advertised price.
At a recent auction in Sydney’s Parramatta emotions ran so high with two of the bidders becoming embroiled in a punch up.
Turnover in the middle to lower end of the market has doubled for many real estate agencies in recent weeks, compared with last year.
Ray White chairman Brian White said about 20 per cent of its branches had reported one of their best years.
“Campbelltown, in Sydney’s Southwest, has had an exceptional year,” he said.
According to Mr White, branches in the more moderately priced locations were currently running tight on stock.
“The stock shortages are as acute as any of us can remember. It has changed to a vendors’ market, which was unthinkable six months ago.”