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“It was a crazy week,” McGrath agent Marnie Seinor said.
Demand continues to exceed supply in the area of Sydney Ms Seinor sells properties, which led to her selling seven homes in 24 hours.
As February 29 approached, she had five homes set to go under the hammer that Saturday, but the day before the auction a buyer came in with an offer that was too good to refuse.
She also had a home that was set to be auctioned three weeks later, but a buyer came in with a deadline, and the owner wanted to sell.
“My vendor lived in Canberra, and the communication on Friday was really long,” Ms Seinor told REB.
The conversations happened while she was at a wedding, but she was lucky she could rely on her sales assistant Connor Mirotsos to finalise the agreement, which went through at midnight.
A third property was sold off-market. Within a week, five people viewed it, and it was sold with a short settlement.
“The rest sold under the hammer, with a lot of buyer interest,” she said.
Ms Seinor specialises in the Botany, Little Bay, Mascot and Matraville areas of Sydney, and her price guidelines were near accurate.
One property that sold at auction had a reserve of $1.1 million, and it sold for $1.14 million.
She puts this flurry of quickfire sales down to the lack of stock on the market to meet the number of buyers.
“Buyers are putting forward a really good offer to stop the auction,” she said.
Many buyers have an urgency to find a new home, so they can make strong offers to get the house off the market.
“If you don’t make a deal on the spot, you might not sell the property, or end up selling it for less,” she said.
The only properties that have not sold in Ms Seinor’s area are those that are overpriced.
With coverage of a strengthening housing market and more buyers than sellers out there, many vendors have set their expectations too high.
“Vendors are putting reserves up before auctions because they read those headlines,” she said.
“That is why communication is really important with a vendor. There is still a lot of vendor management you have to do. You can’t have owners’ perceptions change because of those headlines.”
To ensure her clients have realistic expectations, Ms Seinor regularly updates them with the latest market information and sales prices achieved in their area.
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