According to the SMH Domain last weekend, the following are "red hot" suburbs which have made the list based on criteria including; auction clearance rates, no. of days on the market before selling(the less the "hotter" the suburb), cg rate over last 12mths and long term historical cg rates. The projection also forecasts 10%+ cg over the impending 12 mths. They include: North Willoughby Pymble Bayview Balmain East Edgecliff Tamarama Not a huge list but I can attest to Willoughby and Pymble being popular at the moment, as I have clients looking in these areas- listings still aren't as numerous for this time of year, and with stock low, buyers are spending! Two semis in Willoughby recently sold for over the $1m mark (one at $1.08m and the other $1.125m) when price guides were quoted in the early to mid $900K's. Best to secure property prior to auction with this type of activity in the marketplace.
Jacque, question for you. Have you ever had a situation where you have submitted an offer for a property due to go to auction and it was rejected ? Then you attend auction and ended up purchasing property for less than you offered ?
Hi HTL No not as yet but I've come very close, with one offer almost being submitted, only to hold back and get the property for $15K less than our first offer at the auction - result was one very happy client The key to pre-auction offers is to gauge each sale carefully, do your research and find out as much as you can prior before submitting an offer. Put a time limit on it, ensure the REA knows that you're not interested in participating in any dutch auctions or bidding wars and have the attitude that you won't be disappointed if you miss out at your auction max limit, no matter what the case. So many buyers exceed their limit on the day, despite all good intentions, as emotion is the only winner of the auction.
From what I've heard, generally no, however you can always check with the individual selling agents to see if prior offers will be acceptable. See this link for more details of individual properties for sale in NSW The Public Trustee of New South Wales - You Can Trust Us To Help
