Graham Catt's Hallett Cove Real Estate Blog

The median sale price for Hallett Cove has increased from the June qtr 2009 of $375,000 to the June qtr 2010 figure of $397,500. That’s a rise of 6% to the same period last year.

However in that same period of time the number of sales has reduced by around 16%, from 55 in June qtr 2009 to 46 in the June qtr 2010.

It seems that the median price is steadily increasing, but not by as much as some of the sellers think!

According to a popular real estate website there are 70 properties for sale in Hallett Cove. Of those there are 13 showing as  under contract – presumably waiting for settlement. That’s more available than has been for probably 12 months or more. Certainly unusual for this time of the year.

Average days on market has stretched out to over 100 days – however the reality is that if the price is right they will sell much quicker than that. But it is the same old story – the vendor thinks it’s worth more than the buyer, so properties are often pushing the price envelope.

I have seen that some of those properties have previously been under contract but have been re-relesased to the market. That occurs either when finance is declined by a bank or a subject to sale property fails on the market.

So if you are a buyer get you finance ready first, then you can negotiate a better price. Or have your property sold first before you buy, negotiate a longer settlement timeframe so that you have time to find a suitable property. Either of these strategies will help you negotiate a better price.