Numbers is the name of the auction game: Glenn Farah

EXPERT OBSERVER

February 2020 has been our first big auction month for Sydney’s prime Real Estate.

Throughout the Sydney Metropolitan area, 911 properties went to auction with an 83% clearance rate last weekend!

Giving vendors all of the confidence they need to get their property on and sold before Easter 2020.

Buyers are inspired by choice of properties for sale and the more properties on the market for sale for buyers to choose from, the more buyers will be looking.

At the moment we have noticed there is a glut of buyers at all of our open houses.

Another very interesting strategy taken on Saturday 22nd February, by one of Australia’s top banks - ANZ, was a very aggressive approach to drop their 2 year fixed rate to 2.68% indicating there could be a home loan war between the big banks.

This is great news for home buyers and mortgage holders.

One half of a million-dollar loan - at 2% interest rate - can save a family up to $900 per month.

So, whilst prices are going up, the cost of mortgages are going down, which is some relief for home buyers.

At NGFarah, whilst we believe in the auction system, we recognise that it’s not for everybody and it’s not for every property but it is one of the most powerful methods of sale, with a genuine competitive nature which creates new price levels in high demand areas.

In a rising market it’s the auction process that leads the way for growth.

GLENN FARAH is a NGFarah Marketing Director & Sales Executive