Cash for the ritzy shrinking
By ADRIAN MILLER
TOP of the line homes earmarked for the auctioneer's hammer at Yamba are not guaranteed to sell as demand in the real estate market fluctuates.
Properties valued at more than $1million have been passed over at auctions in the past month.
Buyers are said to be more savvy about what they want and how much is considered to be a fair price.
White Sails, a property which went under the hammer last weekend, is an example of the trend. A house with ocean views and priced at more than $1.5million, it failed to sell.
Ocean Shores, a house with superb ocean views, was another property not bought at auction. They are just two on a growing list of high-priced property not sold at auction.
Grant Gillies, from PRD Nationwide Real Estate at Yamba, said the higher priced properties at this stage were not attracting the bids.
"We were expecting over $1.5million and there's not a great deal of punters out there with that kind of money," he said.
"You've got to have that type of money in the bank and not rely on a rent coming in, because if you're relying on that, it's just not going to work for you."
David Green, from Elders Real Estate at Yamba, said even properties not bought at auction were selling at a later stage.
"It (Ocean Shores) was passed in at $1.32million, but negotiations are still going on and we are quite confident we'll sell it or go to contract in the next few days," he said.
Simon Dougherty, from LJ Hooker at Yamba, said 'there's probably no doubt the market's cooled. There are still places selling and there are still buyers out there, it's just not racing ahead like it was.'
Mike Macqueen, from Mike Macqueen First National, said buyers had become switched on. They were doing their research before committing.