Mortgage broker Aaron Whybrow and real estate agent Sunny Gandhi discuss the Hills District market. Open homes draw 40-60 groups per weekend, stock is down 12% year-on-year, and properties sell fast. Buyers need pre-approval and 10% deposit ready for auction day.
Questions this video answers
About 40 to 60 groups each weekend.
She said stock levels were about 12% less than 12 months ago.
10% deposit at fall of hammer.
042-133-6689.
Hey, it's Aaron from Diagnostics and Finance. I'm a mortgage broker and I'm here with Sonny. Sonny's from the agency, which is a real estate agent in Castle Hill. Today we just wanted to talk about a couple of things in the market related to people wanting to buy a bigger home for their family or upgrade their current existing home. So, Sunny, what's happening? You're finding an open home these days with people trying to get that bigger home?
Yes, at the moment we've got a lot of people coming through and upgrading, you know, from their first home, I'd say, and looking at, you know, either a bigger, you know, living area or a bigger yard or a pool. So we're actually seeing a lot of numbers coming through our open homes. I'm averaging about 40 to 60 groups each weekend. Yeah, yeah.
Is it. Is it really speedy that the properties are selling or is it a bit slower sometimes to get it across the line?
Yes. So now the properties are selling fairly quickly. And also the reason for that is. One of the reasons is that with the recent changes, as you know, you can touch on with the. With the lending policy and on. Since the Royal Commission changes, what we're actually finding is the stock levels are also lower than what they were last year. So that's also. There's the. The number of people that are coming through is. As a result, and the property is selling faster is because less. Less number of homes on the market. I think if I read the stats correctly, it's about 12% less than what it was 12 months ago.
And I suppose speed, speed of selling does create a bit of a competition space when buyers come in. So buyers have to be a bit more ready to go. They need some cash in their hands.
Yes. So. And we. In a rising market at the moment, it's really hard for us to, you know, put a ceiling on a price as to, you know, we can't really predict how at what price the property will sell for. You'll often find a lot of properties actually going to auction. Buyers are also now willing to actually come and attend the auctions and the reason for that is that they're more confident and comfortable in actually putting the offer or the bids as they go along, as opposed to putting a price that they're not sure about.
Yeah, I think there's probably a couple of aspects behind the scenes on that. People using a mortgage broker is going up. So. So not only do you have a buyer coming in that's got some cash, they've got backup with other Options, correct? Yeah. They've got someone that can broker a deal together and make it work 100%.
It's very important, especially for people who also perhaps like the upgraded situation that we spoke about, to have the finance ready prior to coming in or have some sort of arrangement where they're looking at selling the original home and buying the new home. And also when coming to the auctions and people need to be ready in terms of the finance because you've got to put 10% down at the fall off hammer. That's right, yeah.
And I think too the biggest thing with preparing finances is to get that pre approval in place. Especially if we got more auctions in the market. We've got more auctions, you need to be pre approved, conditional on you getting the auction finished. And that's the big thing there. And you've got to be sometimes careful and take a little bit of a gamble sometimes where you might have to go for an auction, but you still need to sell your other place. And I suppose that's where you guys can come in too if you're got the auction property and the client that's buying it needs a little hand as well.
Absolutely. So I'll give you a perfect example is got a property for sale in Castle Hill. The family looking at buying or upgrading, they need to sell their home in Baucum Hills. So we're talking about perhaps a three month settlement to sell their Baucum Hills home and still buying the Castle Hill home. Yeah. So that's, you know, pretty much exactly what we will, where we will come in and we'll make that deal happen and smooth the process out. Yeah.
So apart from a standard purchase or a standard auction, are you finding any fancy negotiation out there that people want to do something just slightly different other than an extended settlement?
People do put terms forward like people do, you know, they come in and they're buying properties and they would say, oh, you know, can I have the piece of furniture or can I have this, you know, projector or can I have the. Have you know, can you throw in, I guess a big LCD TV or LED TV that they may have. There's always, you know, things that are happening. I've actually a scenario at the moment is where we had the home style. Then we saw the home and the buyer actually wanted to buy the whole furniture with it. Unfortunately it doesn't belong to the owner. So we put in touch with the stylist to see if there was anything. Yeah. They could do, you know, but it.
Was, it's All So it's helping some mates out as well.
Yeah, it's always, it's always interesting. You never know. We meet so many people and it's so. I love my job because the amount of people that you meet who have different circumstances and needs you can never ever predict. It's such a beautiful world out there. Like you just don't know what someone's circumstances are or the situation.
And one last thing around buying bigger, it's a really interesting term because you might have a smaller house that has a smaller value and you want a bigger house at a bigger value and I suppose you can potentially snap up some bargains. So if a percentage decrease on your small home and a percentage decrease on the bigger home could be in your favor.
Absolutely. The percentage drop, same percentage drop on a bigger home would be a lot bigger and obviously you know, you would be still ahead. If you're selling and buying in the same market and you need to make it happen, it's your lifestyle change, make it happen. The market, it doesn't matter how it moves or you know, you're selling and buying in the same market, it's not really going to have any effect. In fact, when you're upgrading you'll be miles ahead.
Cool. So how can people get in touch with you? Sunny?
Yes. So follow my Facebook page Sunny Gandhi, the agency Hills District or can contact me directly on the mobile. 042-133-6689.
Cool. And for me diagnostics and finance. I'm on Facebook all the time. You probably found this video on Facebook or social media. So jump on like reach out to us, we'll tag each other in the post and some contact numbers. So I'm always around, able to go through your circumstances. Do a little bit of a pre assessment before you need to commit on to anything and speed can be of the essence. So working together really fast can get you the best outcome.
I'd just like to finish up and just say that Aaron's actually helped quite a few of my clients over the last few months and I've actually seen those clients refer business back to him and refer other friends and he's always contactable and that's one of the things which you know, people always find challenging is to actually not get hold of their person when they need them. So you know, get in touch with Aaron, get your pre approval done. He's got some really good experience, he can broker a deal for you and I can guarantee you'll be one of the best in the market. So get in touch with Aaron. Thank you, guys.
