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SSC Newspaper : SS9 February 2011
• Classic pub meals from the bistro’s new seasonal menu • Kids play area • Areas to hire for functions • Air hockey, skill testers and arcade machines Come and enjoy our: We have a hUGe Beer Garden! www.thewentworth.com.au *Promotions run at staggered times throughout the days. Phone (02) 9746 6400 for further details. mondays • Pick of the menu, ANY MEAL $13.90 after 5pm tuesdays • 7:30pm Pool Competition. $175 IN PRIZES! • 2 for 1 homemade chicken schnitzels! YUM tHursdays • $8 T-Bone Steaks / Trivia Over $150 in Prizes! / Poker Tournament • $1000 Guaranteed! Wednesdays • Kids eat FREE, with any meal purchased over $14 • Uni Night, $3House Beers and Bacardi Breezers 5pm till close. • 12345 Wednesday with DJ/VJ, Giveaways and minute-to-win-it games. Drnks specials all night long. fridays • 1/2 price lunch 2:30-4:30pm/Live Music / Saloon Waitress / Happy Hour / $3 house Beers/ Meat Raffles and Bonus Draw/Pokie Promos and more! saturdays • Play Poker for FREE with $500 minimum Guaranteed / DJs and Drink Specials into the night! sundays • FAMILY FUN DAY! 1-4pm Face painting, Balloon Twisting Fairies / Pick of the menu, ANY MEAL $13.90 after 5pm 191-195 Parramatta Road, Homebush West NSW (02) 9746 6400 Strathfield Scene 17 property www.ourstrathfield.com.au Private treaty sales offer a number of potential benefits for vendors, such as more flexibility and a greater control in setting an asking price. By mark Chipperfield With the real estate market warming up after the long Christmas break, many home-owners are weighing up the options of selling their properties by private treaty rather than at auction. Although auctions have long been the preferred method of selling residential property in Sydney, experts say that private treaty sales offer a number of potential benefits for vendors, such as more flexibility and a greater control in setting an asking price. Auctions, they say, are more suited to a booming property mar- ket where a fixed four- to six-week marketing campaign is sufficient to deliver plenty of cashed-up buyers on auction day. But local real estate agents say that while clearance rates did dip late last year they still believe that an auction is the best method of selling most property in and around Strathfield. John Attneave, from Richardson & Wrench Strathfield, says that while private treaty sales may suit an individual house or an apartment, the auction process was still the most trusted method of selling real estate in the municipality. “The great thing about an auction is that it gives vendors a specific time-frame to work within,” he says. “Generally, we favour auctions for delivering a stronger contract.” Attneave says that anyone selling by private treaty has no idea how long their property will remain on the market and, as a consequence, how much the marketing campaign will cost. Jimmy Phu, from Raine & Horne Strathfield, also supports the auction system over private treaty – although he concedes that private treaty sales are slightly less expensive than auctions. “ We normally try to sell at auction. It works well in the Strathfield area,” he says. “Some of our clients want to sell by private treaty which is okay, but I think auction is a better option.” Those who support private treaty argue that clearance rates have been poor over the last few months, saying auctions by their very nature are unpredictable – in a buyer’s market those selling a property may find it difficult to reach their desired target. With private treaty, the vendor lists the property at a set price. Buyers then make offers. The length of the sale process can be specified or left indefinite. A private treaty has the potential of casting the net a little further to find suitable buyers – an auction bidder needs pre-approved finance and a 10 per cent deposit ready. Experts say certain types of property, such as those with standout or unique features, lend themselves more to auctions than others. Generic properties, those in less desirable areas, or those at the lower end of the price scale are seldom suited to auction Dr Andrew Wilson, senior economist for Australian Property Monitors, predicts that both real estate prices and the rental market will bounce back by mid-2011 . “Growth in house prices will be driven by increasing demand from upwardly mobile buyers for the middle and upper sectors of the market” he says, “fuelled by rising incomes from a strengthening economy.” Which way to go: auction or private treaty? “Private treaty sales are slightly less expensive than auctions.”