In most of the capital cities of Australia, the number of residential property listings went up in March of this year, but Canberra and Melbourne experienced an unseasonal fall in the listings. On a national scale, the number of unsold listings rose to 1.8% from February 2015, or roughly 358,167 unsold properties as of March 2015.
Despite experiencing a rise from the usual year-on-year lull for the month of February, Sydney listings are still down by 8.8%. The total number of residential property listings in Sydney is now 22,123. Asking prices in Sydney rose by 2.7% again for houses and 1.7% for units. This means that the median Sydney house asking price now amounts to $1,066,000.
A buyer’s agent is someone that acts as a middleman between property buyer and the real estate agent. In the market, sellers are eager to close out the deal with the highest price possible for any given property while buyers need to lock down the price at the lowest possible. If a property seller needs a selling agent (usually the real estate agent) to help them sell the property at the highest price possible, a buyer may hire a buyer’s agent that will help act as a middleman between both parties and negotiate for the lowest price possible, or at least reach a compromise between buyer and seller.
A new research, done by the Housing Industry Association, shows the different housing conditions in different cities other than Sydney and Melbourne.
Best-selling market is an understatement when you’re talking about Sydney’s hot market. In fact, it’s now known as “extreme seller’s market” as dubbed by a new report. The latest Commonwealth Bank/CoreLogic Home Buyers Index (HBI) discovered that the number of new mortgages being processed by the CBA outpaced the number of properties advertised for sale in the city.
