Asking Price

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Asking prices for houses in Melbourne are 11.4 percent higher than a year ago, and in Sydney the figure was 11.5 percent, according to SQM Research.
Hobart also recorded outsized gains, while Brisbane, Canberra, and Adelaide each recorded moderate increases. 
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A key driver appears to be a lack of new stock being brought to market, with upgraders perhaps discouraged by prohibitive transaction costs in the form of stamp duty. 
Sydney listings were down by 6.6 percent in January from a month earlier to just 21,633 (remember that Sydney is Australia's most populous capital city, and this number is much lower than in Melbourne, and even Brisbane and Perth).  
<a href="https://www.propertyobserver.com.au/images/2017/02/09/SQM2.jpg" target="_blank">Click to enlarge</a>
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It's still quite early in the year to make an accurate assessment, but if this trend towards a constipated market continues there will be a relatively high amount of competition for not much stock this year in Sydney and Melbourne. 
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Asking prices jump in Sydney and Melbourne

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Are you getting ready to sell your house?
Setting the right asking price is going to be challenging for vendors as spring volumes peak and the summer break looms.
It can be a tricky task, especially when the property market is displaying signs of movement.
Sometimes a home can be listed into a seemingly strong market, which then weakens during the marketing campaign.
Most asking prices tend to a little above what the vendor will actually take, as this allows some negotiating space between the buyer and seller.
Often vendors get a very realistic offer early on from buyers who've been in the market for some time. They might also get a cheeky lowball offer.
It is one of those ponderables as to whether it is best to accept a speedy sale, or wait for that desired higher price.
Higher discounting certainly occur longer into marketing campaigns when the asking price simply doesn't match buyer interest so a vendor eventually accepts a figure well below the initial advertised price.
At the moment Sydney vendors are typically accepting 5.1% discounts on their asking prices to secure their house sales. It was 4.8% at the start of the spring selling season according to CoreLogic.
Canberra is a hot market so its vendors need only to discount by 2.5%, while Darwin is ailing and it requires a 9.9% discount before most sales are done.
The national average sits at just above 5%, with peaks over the past decade seeing 8% required discounting across Australia.
Ofcourse you will have your own idea on the worth of your property, but it is important to canvas and listen to the professions.
Before you signup to one agent, for auction or private treaty, be sure you get two or three other local agents to come through your property.
They will happily provide a report on how they see the local market, its likely direction, and just where your property sits within it.
It is important to get these varied insights for the best way forward.
And don't necessary simply select the agent who promised the highest price outcome.
You have to be comfortable working with your agent all the way through the listing.
Ofcourse the lucky vendors will find a buyer as soon as the for sale sign goes up from someone who's always fancied your home from just along the same street.
The less fortunate will be nervously hoping they finally get that pre-Christmas buyer, forever grateful they had secured extended settlement terms on their next home purchase.
The key is ascertaining where the localised market is placed pricewise, and often that relates to the level of stock.
Overall there's some 25,000 offerings across Sydney - around 20% more stock than the same time last year, which means buyers have more choice. There were 22,000 listings at the start of spring.
Ask your prospective estate agents what, say, four bedroom house stock levels have been in your suburb over recent times, and also find out what sales they have actually secured. 
Asking prices can of course change throughout a campaign but if a vendor’s expectation was unrealistically way too high even this is unlikely to trigger any sale.
This article first appeared in The Daily Telegraph. 
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Setting the right asking price is a fine balance

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The latest discounted property of the week from SQM Research is a three bedroom home under 25km from Melbourne's CBD with an asking price reduced some $5,000 since July.
The property, 11 Brae Grove Point Cook, Victoria, was listed initially with a price range of between $390,000 - $410,000.
SQM Research managing director Louis Christopher said the asking price is now down to $385,000, which should allow the property to appeal to more buyers who are looking in the mid to high $300's.
"The backyard is very generous with a handy timber deck for the adults and plenty of cleared grass for the kids to play," he said.
"If this is not enough room there is a local park directly across from the property. The properties location and size is ideal for a young family and or person/s looking to start a family soon. The vendor says the property is located within close distance of local schools and shops for additional convenience."
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