Last week, we listed the top 10 suburbs in Victoria where properties were sold for higher than their listed price. For the second part of our series, we shifted the focus to the next worst state in Australia – New South Wales.
Surprisingly, NSW fares better when compared to Victoria – averaging 45% for 2016, compared to 67% in Victoria. The market in NSW has remained fairly consistent, with the average of properties selling above their listed price being around the 40%* mark in 2018.
So, before you head out on the weekend to the auctions, our team at REALas wanted to ensure you have all your facts straight and expectations in check.
The top 10 “overachieving” suburbs
We have analysed the property sales data in NSW for the first quarter of 2018 to present to you the top 10 suburbs that have the highest rates of properties selling above the agent listed price:
|NSW||Suburb||% of properties sold above listed price||% of properties that are sold at 10% or more than listed price|
|Source: REALas.com May 2018|
How will this information help me?
Nobody likes to go to an auction only to see themselves get outbid. Having an indication of how much you will be expecting to pay will give you an accurate idea of your budget. Nowadays it’s getting considerably harder to break into the property market and buy a house; therefore getting an accurate sense of your budget is more important than ever.
You can use the above information to get an idea of what suburbs will sell higher than the listed price and, adjust your budget accordingly. On a brighter note, there aren’t too many properties selling for greater than 10% of the listed price. This indicates that listed prices are within a reasonable margin and you won’t be too surprised about results on auction day.
However, for people with a stricter budget, you can still use this information as a list of suburbs to avoid. Navigating the real estate market is tricky, but our team at REALas is here to help.