Real-estate agents rarely put a high value on subjective experience, but the sentiment “I’m leaving” so prevalent in the north western Sydney electorate of Orange was clear to see at a study last week.
To defeat the Liberal government, it is said, you have to like real-estate, because it sells, captures the imagination and attracts income.
The politicians who didn’t seem to grasp the message seem to think this is a lost cause. It is true the local real-estate market is red hot, but they also have to balance against the big good economic terms that underpinned National Australia Bank’s trade in the Sydney market a decade ago, driven partly by the expectation house prices would go up.
The logical reply is usually: “If things are hot we’ll sell and there’ll be more money for everyone”, even if property prices have moved further south. But the reality is the sellers are not always happy when the market is hot. Agents complain the best-priced property is not selling, with the seller struggling to meet the target price.(A typical case from the past six years is Ms Cunningham and her sister whose flat at 105 Eltham Ave near Glebe is now selling for $900,000. Two sales agents were lucky to have her buy a second one in early 2017 for $1.3 million, and the rent has been just above market value in recent months. In 2015, Ms Cunningham’s fellow agent Nick Kolodsek was in the middle of a mortgage appraisal, having been less than a week away from closure, when he was required to close on $900,000 for Ms Cunningham’s property.)