Prices fall in Sydney’s East

Prices fall in Sydney’s East

14 February 2011 by Staff Reporter 0 comments

Staff Reporter

Homeowners in Sydney’s Eastern suburbs are slashing millions of dollars off their asking price in order to sell their homes.

According to an article in The Australian Financial Review, homeowners are being forced to lower price expectations and accept more realistic offerings in order to finalise the sale.

However, Ray White Double Bay Group director Craig Pontey expects multi-million dollar properties to make a strong return over the next twelve months as prices begin to level with market conditions.

Inspection and inquiry rates have nearly doubled since the Christmas sales period and, with more buyers looking to enter uptown markets this, momentum should carry through the year, Mr Pontey said.

Staff Reporter

Homeowners in Sydney’s Eastern suburbs are slashing millions of dollars off their asking price in order to sell their homes.

According to an article in The Australian Financial Review, homeowners are being forced to lower price expectations and accept more realistic offerings in order to finalise the sale.

However, Ray White Double Bay Group director Craig Pontey expects multi-million dollar properties to make a strong return over the next twelve months as prices begin to level with market conditions.

Inspection and inquiry rates have nearly doubled since the Christmas sales period and, with more buyers looking to enter uptown markets this, momentum should carry through the year, Mr Pontey said.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
William Phillips on how agents can expand their database and grow their business

In this episode of Secrets of the Top 100 Agents, host Tim Neary is joined again by William Phillips to discuss the real estate database and...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
upcoming events
REB Awards
Sydney The Event Centre 12 Sep
REB Awards
Sydney The Event Centre 12 Sep
Melbourne The Event Centre 14 Oct
Brisbane The Event Centre 18 Dec
View all events
Do you have an industry update?