St George is fast becoming a goldmine for those selling their home, with most properties going to auction in the region achieving above reserve prices.
In the past quarter, the St George postcodes with the most substantial increases in asking property prices were 2208 (+29.70 per cent), 2223 (+5.9 percent), 2209 (+4.10 per cent), and 2210 (+3.50 per cent).
McGrath Estate agents St George principal Matthew King said ten out of the 12 properties his agency sold last weekend went above the reserve price
"I think it is a supply and demand situation," he said.
"A lot of our auctions have had double-digit registrations. There seems to be not enough property to buy with the number of people looking.
"We have a lot of people from all over Sydney that come to our properties that come with different expectations of value, they see the value on offer compared to the inner west and the southern parts of the eastern suburbs, they come ready to buy.
"If a property is priced correctly then generally they sell faster and over the market.
If a property is priced correctly then generally they sell faster and over the market.
- Matthew King
"If vendors are realistic on a price that allows the market to create some momentum and the buyers go from logical to emotional and that is often how these big auction results occur."
Data Analyst from OpenAgent Carson Teh said many signs indicate it could be an excellent time to sell in St George.
"Of course supply and demand is important, when there are more buyers on the market than there are properties, sellers usually have the upper hand in terms of bargaining power," he said.
"Look out for prices going up and a short time on the market for properties in the St George region."
Mr Teh said properties in Mortdale (36.5 days), units in Beverly Hills (41.5 days), and houses in Peakhurst Heights (40.5 days) had had low median days on the market over the past year.
Properties that have had low median days on the market over the past year include houses in South Hurstville (41 days), and in Connells Point (42 days).
Mr King said most properties in the St George area should be selling within a month.
"Our average days on the market are 25 days, we are in a changing environment, but at the moment any more would be slow," Mr King said.
Craig Thomson
I am a media and communications professional with experience across print, digital, social and radio broadcasts. I am currently the Editor of Australian Community Media's Launceston Examiner.
I am a media and communications professional with experience across print, digital, social and radio broadcasts. I am currently the Editor of Australian Community Media's Launceston Examiner.
