You can still bet on it.
Wednesday 02 Nov 2016
Let’s face it. Most people love a punt on the Melbourne Cup. It’s like taking a ticket in a mega-jackpot lottery: you know your odds of picking the winner are slim but it’s fun to know you have just as much chance as everyone else to make a fortune. In contrast the odds for those looking to back a winner in the residential property market are much clearer with the current market delivering results that make everyone a winner. But just like the lottery and the Cup, you have to be in it to win it.
I recognise that placing a bet on the Melbourne Cup and buying a residential property are not exactly on par and I am not a keen gambler but given it’s Melbourne Cup week I’m going to stick with the theme! With listings across Sydney remaining so incredibly low the odds to sell are good and potential vendors who are prepared to take a punt are achieving very strong property sale results.
I do acknowledge that the ongoing lack of listings is equally fuelling and frustrating the market.
It means the auction clearance rate is sitting up near 80% as buyers work hard to secure their dream property. It means very good prices are being achieved at auction and behind the scenes our team continue to negotiate very strong off-market deals.
And with the announcement that interest rates have been left on hold and no sign of any inclination by the Reserve Bank to alter their position the market looks set to hold steady and strong into 2017.
So it is a great time to list and sell, but I recognise it is also a little frustrating and scary.
I understand the nerves. I understand a level of doubt about ‘getting back in’ to the market but the fact is the opportunity is there for vendors now. It would be ridiculously contradictory for me to say that it is easy for buyers given the lack of available stock, but our team is there to help track down the right property to meet our buyer’s needs and budget.
That’s what we do and the fact is that job would be a whole lot easier if more potential vendors would list! As I have said before demand is certainly strong enough to absorb more stock coming onto the market and there will be more choice for those who want to reinvest their sale proceeds back into property.
The odds could well be in your favour.