Is it too late?
Wednesday 31 Jul 2019
We have been seeing over recent weeks that a shortage of available stock has created a window of opportunity for those brave enough to list because demand from buyers has reinvigorated faster than expected. But that is changing. With an increasing number of exciting new listings now starting to become available does it mean the window is closing? Is it too late to list?
No. Absolutely not and the reasons why are factual not fictional.
Before we look forward, it is important to take a moment to look back to understand why we are here.
Demand did falter at the end of 2019 and the economic and political uncertainty that stalled buyer activity continued through into the first months of this year. Then we started to see the stimulus effect of both the State and Federal election results, the Reserve Bank interest rate decisions and changes to APRA lending restrictions all of which helped ease underlying concerns about the strength of the local property market.
So I think it is important to highlight that what we are seeing now is a return to what I consider to be a stable market: A normal market. And that’s good news for everyone.
Auction clearance rates are back up to average levels and whilst prices are not going berserk, they are definitely very healthy. It is important to highlight that vendor’s need to be realistic. Whilst buyers are out there and keen to do a deal, they’re approaching negotiations cognisant that interest rates can’t really go any lower. It means buyers are factoring in the potential for the cost of borrowing to rise in the future. That’s sensible. It makes for a healthy, stable market and one that is still delivering good value for vendors.
At the same time while we have seen increasing demand over recent weeks I have no doubt there is more to come. The consensus is that while interest rates are probably close to as low as they can go so too is the market itself so now is the time to active.
Our sales agents are taking more and more calls from clients with their wish list prepared, ready to find their perfect property and I know from experience that increased listings will not only help accommodate that growing demand, but also stimulate greater demand. With more on offer more potential buyers come out to look.
So it is not too late to list. It’s actually a great time to get your property on the market, and equally if you are a buyer then it’s a great time to talk to your local Morton property expert so you are the first to find out what new properties are becoming available.