Newcastle Living Magazine

Reader Q&A

How long does it typicallytake to sell a house?

Kosta Apostolidis
Licenced Real Estate Agent and Auctioneer

The time it takes to sell a house in New South Wales can vary depending on several factors, including location, market conditions, property type and pricing strategy. On average, it typically takes around 30 to 60 days to sell a property in New South Wales. However, it’s important to note that this timeframe is an estimate. Properties in highly sought-after areas or with unique features may sell more quickly, while those in less desirable locations or with specific limitations may take longer to sell. Working with a skilled real estate agent can help optimize the selling process and potentially reduce the time on the market.

Is gazumping against the law?

Mel Payne
Licensed Real Estate Agent and Auctioneer

In New South Wales, gazumping is not explicitly illegal, although it is generally frowned upon and considered an unethical practice. Gazumping occurs when a seller accepts a higher offer from another buyer after accepting an initial offer from a different buyer. While it is not illegal, it can cause frustration and disappointment for the original buyer who may have invested time and money into the purchasing process. To mitigate the risk of being gazumped, buyers can take steps such as obtaining pre-approval for financing, promptly exchanging contracts, and considering entering into a legally binding contract, such as an exclusivity agreement, with the seller. It’s advisable to seek guidance from a real estate professional or legal expert for further information on specific regulations and practices in New South Wales.