Extended holidays and the heating up of elections talk would have been easy distractions for the Epping property market but April showed to be business as usual for those intent on buying and selling property. A key illustration of this was a recent auction our office held for the sale of 7 Neil Street, Epping. As a house, it left much to the imagination however, was set on a 920 sqm square block of land just outside Epping’s CBD. Drawing significant interest throughout the four-week campaign our team received two offers prior to the auction. On the day itself we had sixteen registered bidders and attained a final sale price of $1,765,000. A property much like this is not uncommon in the Sydney market however; these sixteen registered bidders saw something more and more importantly they saw something more in Epping. Excellent schools, public transport infrastructure, proximity to Sydney’s CBD, public spaces, and a welcoming ommunity continues to hold Epping in strong demand.
On the ground, I experienced a strong shift in buyer activity in the second half of April with open home attendances nearly doubling compared to the opening of the month. This was shown by our office attaining four successful sales in the week before the Easter break.
Looking at the April results for Epping and North Epping auction clearance rates continue to hold strong however, volume of properties entering the market are lower when compared to previous years. An argument for this may well be the uncertainty of the upcoming election however, those taking the steps have been shown to attain a successful transaction. The Epping area performed well at the close of the month however, attained a number of transactions lower than that of this time last year with a total of 8 (disclosed) recorded sales. A number of the results are yet to be disclosed however, the highest currently released price was attained by 7 Neil Street, Epping which achieved a sale price of $1,765,000.
‘How to speed up the contract preparation process’ – Contributed by Omega Legal
Preparing a contract for sale is not as burdensome as one may think. Think of your contract as a useful marketing tool for selling your property, where it will be used to anticipate and answer questions from interested buyers.
You can speed up the contract preparation process if you already possess or can easily obtain the following key documents.
1) A Current Tenancy Agreement (if applicable)
2) A current certificate of compliance if you have a swimming pool
3) Documents and insurance certificates for building works in the last seven years
4) Recent government authority notices regarding access or building structure
If you are planning to sell your property this year, obtaining legal advice early will help ensure a smooth conveyancing process. Contact Omega Legal at info@omegalegal.com.au or call 0402 990 108 to find out more.