Santa is full of surprises this year! The auctions and sold prior to auction transactions in Sydney last week will gladden the heart of any vendors looking to sell before Christmas. As reported by Stephen Nicholls, Property Editor of Domain.com.au the strong weekend auction clearance rate in Sydney of 61.7 per cent recorded by Australian Property Monitors on Saturday – the biggest auction day since March – took many by surprise. The interest rate cut from the RBA last tuesday may have been a factor influencing buyers, with the prospect of having more money to spend. It was noted by Mr Nicholls that 28.8 per cent of the auction sales reported to APM happened before auction day.
PerhapsTeresa Natoli, of Ray White Surry Hills, may have got it right when she said “I think people want to get their stuff sorted before the end of the year”, Matt Lahood,the director of sales for McGrath Estate Agents,appears to agree, saying the big jump in sold prior to auction transactions was reflective of the time of the year.”From a buyer perspective, it allows a purchaser to get set before Christmas and in some cases even move in”.
A sale pre-Christmas can benefit both the vendor and purchaser, it can be beneficial to have your property sale settled with the chance to relax and enjoy your holiday in peace.With Christmas activities taking centre stage it is easier for the new purchaser to have the transaction done and dusted prior, providing the opportunity to settle in during the holidays.
Vendors will often be more open to offers at this time as they are ready to settle. Banks are busy pre-Christmas and timing becomes tight, so Purchasers should always make their first offer their best offer and it is advisable to seek finance prior to making an offer.