January Real Estate News by Michael Michos

CaptureWhat will property prices do in 2016? & Buyers welcome new underquoting laws for agents
Happy 2016! December saw a very intresting period in our areas with many properties being passed in at the start of the month via the Auction method. There is no doubt that the market in the last quarter of 2015 slowed however the good news is that most of these properties where successfully sold after Auction. Our company found this the case with 94 Florence Avenue Eastlakes and we were surprised at the amount of buyers who contacted us after the Auction and subsequently sold the property 3 days later. This was a very common occurrence in December and I think that Private Treaty is the way to go for many properties coming onto the market in 2016. Price predictions from most reports I have read predict a slower rise over the next 12 months compared to 2015 however no drop in prices.
Buyers can also welcome the much anticipated underquoting laws for agents that come into effect January 1 this year. It will now be punishable if an agent quotes a guide which is lower than what is written on the agency agreement with sellers. I personally have never understood in 20 years of selling the benefit of some agents underquoting. Apart from attracting buyers who do not have the budget to afford the property, which does not benefit vendors or purchasers one bit, it wastes their time and money on strata checks etc for a property that was unobtainable in the first place. Interestingly enough some of Sydney’s most supposed “reputable franchised agents” have been rife with this practice for years and I welcome these long overdue laws which promotes fair practice to both buyers and sellers.
Finally I would like to mention that 2016 marks RRE Properties (Rosebery Real Estate) 50th year in real estate in South Sydney. From humble beginnings we have operated out of our same premises on Gardeners Road Rosebery for this time and would like to thank all of our past and welcome all future clients on this huge accomplishment for our family business. Both original directors Jim and Rene Michos still work hard every day to ensure that our business provides the good old fashion service it is renowned for.

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