Hot real estate: ‘I’ve never seen anything like this’
It's a good time to sell, although buying a new home would be frustrating for many in the current climate.
A three-bedroom, 100 sqm unit in Suffolk Park is set to go to auction on Saturday, a week earlier than initially planned due to an abundance of keen bidders.
The home at 1/26 Beech Drive has a price guide of $900,000 to $990,000.
McGrath Byron Bay agent Ian Daniels said 19 people attended the first open home, which landed them with six bidders.
A total of 38 groups have been through the property in two weeks and the agency has had 85 email inquiries about this unit alone.
"We should have at least half a dozen bidders on it, possibly up to 10," he said.
"It could go above the (price) guide."
Mr Daniels said it was "very hard to get something under $1m" in Suffolk Park and this property has been "beautifully renovated".
He said colleague Susan Whyte put plenty of effort into having the property styled so prospective buyers can see its potential.
He said 75 per cent of their potential buyers were already living in the local area and included young families, singles and people looking for an investment.
Locally and across the country Mr Daniels said the property market was hotter than he'd seen it before.
"I've been in this job for 25 years and I've never seen a hotter market," he said.
"I've never seen anything like this.
"The country's never boomed like this before."
While he expects to see more stock on the market soon, properties are being snapped up fast.
This means hopeful buyers need to have their finances in order or their current home already on the market.
"People need to have their finances organised before they even look," he said.
"If they don't have their finances organised they won't have a chance."
1/26 Beech Drive, Suffolk Park will go to auction at 10.30am on March 20.