Things are definitely changing. The internet activity around our listings is now starting to translate into solid attendance and some great bidding at all auctions. Of note, buyers are still hoping to purchase with a built in safety margin. For the most part vendors are not playing that game, hence the sale process can still be a bit protracted. Interest rates are working in the favour of both parties as low rates promote buyers into the market but also help sellers hold out for their price. In short, the property market is just fine – if you’re a buyer waiting for the bottom of the market you may have missed it.
The budget at the start of June did little to impact buyers and sellers in the residential market one way or the other. The budget was noticeable in its absence of anything around tax, property or how we might stimulate the economy. In short, there’s no reason to not get on with your life. Particularly if you’re a first home buyer or investor – now’s your time.
With the shortest day behind us our industry is experiencing the traditional mid-winter shortage of new listings. For a variety of reasons, not entirely clear to us, fewer vendors tend to list their properties in the winter months. The result is a realigning of the supply and demand equation which is generally frustrating for buyers but very good for vendors. With our company auction clearance rates in the 80 plus percentage range for the 2019 year to date we can report very positive activity. Food for thought.
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