realestatebusiness logo
Subscribe to our newsletter SIGN UP

Demand for lower end property surges

10 August 2009 Reporter

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.”

Demand for lower end property surges
lawyersweekly logo
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Where is the biggest threat to agents in 2019?

3rd party lead generation companies
DIY models discounting sales commission
Prop-tech firms cutting out the agent value proposition
A yet unidentified proper disruptor – like Uber or Airbnb
None of the above. There is no threat.
Do you have an industry update?
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.