Tuesday 11 Jul 2017
Controlled. It is the adjective chosen this week to describe movements in the residential market over recent months by data analysis experts, CoreLogic. Interesting.
It’s interesting because it’s as important as it is understated. Equally it is important for the very fact that it is so understated.
And it’s true.
The market is adjusting.
Our team is seeing an easing in the frenetic demand that set the pace of the first few months of this year. The consequence of that is a slowdown in the level of growth achieved in the last quarter as illustrated by the Corelogic statistics.
Of course any talk of a change in market conditions can make people nervous but I don’t really think anyone is surprised to learn that the pace has slowed a little.
But the fact remains that growth is still being achieved, properties are still being sold, vendors are still securing good results and buyers are still active in the market. It might not be as frenetic but there is definitely still significant activity.
Which is why I agree with the analysis saying that the market is under control. The widespread expectation that the pace would have to ease has meant nobody has been surprised.
It is a great demonstration of the maturity of our market. We aren’t so scared. There hasn’t been a kneejerk reaction or dramatic recoil in vendor listings over the last few months. We are in control. I think it shows there is a better understanding that while it might not be as hot as it was, underlying value clearly still exists.
That maturity and insight is a very good thing. It is the platform on which we can expect to achieve continuing healthy results for our clients.