27 July, 2011

Auctions hit the right note in Sydney’s south-west

Homebuyers in Sydney’s St.George and Inner West regions are responding strongly to the auction process, with clearance rates in some suburbs pushing 90%, according to leading real estate firm Raine & Horne.

Raine & Horne Bardwell Park principal Steve Lembidakis said that in his region, auctions were the preferred method for selling a home.

“In general, Raine & Horne Bardwell Park is achieving auction clearance rates of around 80%, but in some individual suburbs, such as Earlwood, the clearance rate is closer to 90% with homes selling before, during and after an auction," Mr Lembidakis said.

“This is why we sell the majority of our homes via auction," he said.

Confirming this view was Gerry Bernhardt, sales consultant with Raine & Horne Bardwell Park, who said the buyers and sellers he spoke to commonly expected homes to be sold via auction.

“There is definitely an auction culture in the area which has been cultivated by the outstanding success rate of auctions as a method of sale,” Mr Bernhardt said.

“In fact, our listings seem to sell more successfully under the hammer than many of our competitors, and people take notice of this,” he said.

However, Mr Lembidakis said that providing the right advice and education to homeowners was an equally important part of the auction process.

“We find that by educating owners and assisting them in understanding the market, it helps us set a realistic price which attracts the attention of serious buyers and ultimately results in a sale," Mr Lembidakis said.

Indeed, buyers and investors were active, and they were not confining themselves to a particular style of home, he said.

“We are selling two bedroom apartments, three bedroom homes, original properties and renovator’s delights.

“However, a lot of our sales are in the $750,000 to $900,000 price range, which represents an affordable entry to our marketplace.”

“Homebuyers are actively looking for homes in this area because it is centrally located, with good access to the CBD by road and public transport, not to mention our range of shopping options and other multicultural pursuits.”

For all your property needs contact Raine & Horne Bardwell Park on (02) 9556 2071.

Raine & Horne is an iconic Australian property firm, with more than 360 offices worldwide. Also an established Superbrand along with Qantas, Vegemite, Woolworths and Myer, the company has four distinct property service brands including Raine & Horne Residential, Raine & Horne Commercial, Raine & Horne Rural and Raine & Horne Financial.

-ENDS-

For further media information contact:

Steve Lembidakis, principal Raine & Horne Bardwell Park, 02 9556 2071 / 0411 804 155

Anna Truman, National Marketing & Communications Co-ordinator, 02 9258 5448