Market:
At the moment, there are still a lot of media tag lines about the market and the prediction of a further drop in 2019. However, what we are seeing at open homes and in the marketplace in general has been a solid run of new and returning buyers.
Property that has been well prepared and listed with a realistic selling price has sold at or before Auction bucking the trend from last year where we saw property sitting on the market for enduring lengths of time with constant price reduction to find a ‘sweet spot’.
Banks:
During the Royal Commission the Banks tightened beyond requirement and have left a negative feeling with buyers as finance remains hard to obtain for some. Further, the negative market predictions quoted in the media lately have been feedback from the Banks.
However, people are getting finance and property is selling, so this can’t be all bad.
Buyers:
As the market has evened out we are noticing that a lot of our buyers are owner/occupiers looking to make a trade in a more reliable market.
When the market is going up or down, the volatility can make people nervous; when the market is falling some people like to sell and hope the fall continues and they pick up a bargain.
When the market is rising, people panic and try to trade before the market goes up too much, knowing they will be getting more for their home but knowing that there will be more options available for purchase.
However, after a significant rise or fall there is a relatively extended period of stability where people feel more confident trading with less risk – most people feel we are in that period now, or thereabouts.
Sellers:
The most obvious highlight in the current market has been the shortage of stock.
While this could be the reason we are seeing more competition at open homes and ultimately more property selling prior to Auction, as buyers feel the competition again, it is surely a good sign for sellers.
The flip side: a high number of listings in a suburb or a particular part of a suburb, while increasing competition surrounding a sellers’ home, can also increase the number of buyers into a particular pocket who may not have been originally looking in that area at all.
Auctions:
Clearance rates are around 70% on the North Shore and 60% across Sydney.
But, when is a good time to sell?
Whenever, you are ready!
Thomas Merriman.
Thomas Merriman 