WHAT’S HAPPENING IN OUR MARKET? We’re now consistently seeing house price growth across every Australian capital city. Like every downturn, we’ve seen prices fall far less than what’s generally predicted. Housing markets almost always surprise with strength on the upside and see far less robust declines when the market turns. It’s certainly the case this cycle with peak to trough decline of Australian capital city house prices of 6.5%, compared to COVID driven price growth of 36%. The complexities of the economic landscape mean that there’s still a fair amount of negative media coverage which we know has a big impact on buyer and seller sentiment. This is an example of the perception of the facts not actually being the reality of the facts. With the clocks winding back and the days getting shorter, the temptation for some sellers is to batten down the hatches and wait it out until spring, although that may be a missed opportunity. In this breath, between the perception of a tougher market and the realisation of more positive selling conditions, there’s the chance to capitalise on competing with fewer similar properties. If you’ve ever heard about selling in isolation versus selling in competition, there’s a clear advantage to selling when there’s less choice for buyers – more eyeballs and inspections per property means greater likelihood of multiple offers and therefore a premium price. Inspection numbers are climbing against the same period last year and we’re now seeing 24% more people through our open homes. Buyers are out, prices are increasing, interest rates are on hold. There are some very positive reasons to sell now! Phillip Elmowy Anthony Vella Alex Santelli DIRECTOR DIRECTOR DIRECTOR
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