Weekly Market Pulse - 10th October 2018
Last week we saw the interim report for the Banking Royal Commission, there was no surprise they found banks were chasing the profit instead of their clients best interest. What is interesting however is the high possibility of unintended consequences to the market from the findings and decisions of the Royal Commission. We are already seeing a softening market in Sydney and Melbourne, will we see further softening in the Bundaberg area in the coming year, only time will tell.
Last month we saw a spike in home sales, the total volume of sales was up 5% compared to September 2017, prices remain steady however. In September we saw an average of 15 days on market in our office, a great result for our clients, and in most cases the price achieved exceeded their expectations.
Investors are still out in force, first home buyers seem to be dropping off a little with the upgraders and downsizers making their mark on the housing market. We are also seeing a shortening of condition timeframes. We are seeing more 7 day Building & Pest clauses and 14 day finance conditions due to the level of competition for the well-priced homes. Two of our properties received multiple offers last month, something the Bundaberg Market does not see too much of due to the high number of properties available for sale and the low volume of genuine buyers at any given time.