How reliable are Sydney apartment quotes these days?

Hi guys,

I've been really out of the loop for a while.

I'm working with someone who wants to buy in Sydney (specifically inner west). Yes it's a bad time to buy but we've worked through all the pros and cons and surprisingly, despite the elevated market, this is one of the very few people I would have recommended to just pull the trigger for reasons I won't get too deep into here.

Time is not on their side, and they are happy to pay a small premium not to get assed around. So my question is really this - in the current climate, if we see a listed price, how close to the mark will that be? And how intense is competition right now? Is it like 2-3 years ago when you'd pretty much have to get an offer in day 1 with a huge premium on top to even have a fighting chance?

 

Could well be completely off.....but in the other direction...

Might be worth having a gander here..
and so it begins...

 

Well, if it has a price, you could pay the price......if it has a range, they are looking at the higher end.

Not being rude, but what is puzzling ? Ask the agent directly, what will but the place he/she is interested in.

 

It's a much more balanced market than 2 years ago. I would suspect s/he has time to do due diligence and not rush into things. In any case, other properties will come up. I'm assuming they arent looking for anything with standout attributes, just something good. And if that's the case I wouldn't worry about fomo.

I'm assuming s/he's not at the end of their ability to borrow either, and doesn't need to rush.

Edit: @jaybean, ok you said time isn't on their side. What I would do is look at the properties and also see what comparable properties also sold for recently. That should give you a selling price guide.

 

Add 100k IMO

 

Most of the Inner West unit market is by auction and I'd suggest you ignore most of the agent price guides. How much over the guide they sell for depends on the particular agent involved, so there is no set % over.

Auction clearance rates are approx 80% still! Competition is fierce for good properties although we are finding more vendors and agents prepared to sell prior to auction as well as a few more off-market sales occurring.

 

Wouldn't it depend on the highest bidder?

 

No not always. Sometimes it is a lower $ offer with better T&Cs that wins....... or a dodgy agent selling cheap to a mate (a situation we faced on a purchase for a client just this week).