Ray White Point Clare

What’s happening in your market? As the market starts to awaken in 2019 the question on everyone’s lips is “What’s going to happen to property prices this year?” 2018 was a year of correction and stabilisation, with the transition from a boom market to a more normal market happening quite rapidly throughout the year. We saw lending restrictions remove the majority of investors from the market, and even owner occupiers found it tough to obtain the same level of funds they were previously able to. As such, property prices naturally had to fall in line with what buyers could afford. Whilst the amount varied greatly across different regions and property types, by the end of the year properties were selling for an average of 7-10% less than the same time in 2017. So will this continue this year? Traditionally an election year does result in a quieter real estate market as people “wait and see”, so combined with the factors I mentioned above it is likely we may see further softening in prices as the year goes on. Now whilst this might not seem like overly positive news, a market like this actually presents huge opportunities for savvy homeowners to upgrade! Price corrections are always more heavily felt in higher price brackets, so smart owners who price their homes attractively at the start of the year could still achieve a fast sale for a comparatively good price. As cashed up recent sellers, they’re in a strong position to negotiate for property in a higher price bracket which may be struggling to achieve a sale due to buyers finances. This is only one of many ways you can use a changing market to your advantage! Speak to us anytime to find out how you could capitalise from the current market and achieve your long term property goals. Andrew Macdonald Principal, Ray White Point Clare