PHOTO: Kevin Wong of Ray White Epping in Sydney
SOURCE- RAY WHITE AUSTRALIA
ALL lockdown sales are sweet but agent Kevin Wong of Ray White Epping in Sydney knows the one at 10 Wiltshire Close, Liberty Grove was a ripper.
The owners just flipped this three bedroom renovated townhouse for $1.305 million, the one that they only bought only in February, making an extra $120,000 in less than six months.
“Owners always ask what time of the year is the best to be on the market and really it’s all about the law of supply and demand,” Mr Wong said.
“The market is still very robust despite the lockdown with really strong buyer demand.
“Since stock levels are at an all-time low, owners who are on the market now are really capitalising on the lack of supply to create a monopoly price.”
Buyer Gordon Wu, who lives in Auckland, had been looking for a three bedroom property for at least two months to eventually move into.
In the end he bought this townhouse sight unseen over an online auction where he was competing with 11 other registered bidders.
He said it was an anxious experience but it worked well given the current circumstances.
“It’s the only way, there was no other option,” Mr Wu said.
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