Weekly Market Pulse - 15th May 2018
The number of properties going to market over the past couple of weeks has increased substantially. This leads to a saturation in the housing market, tending to promote lower sales prices as sellers compete with other homes on the market trying to secure a buyer for their home.
The number of units sold over the past month has been quite low, one and two bedrooms units under $220,000 are selling, as are the beach front units and apartments over $400,000, unfortunately everything in between is still waiting to be snapped up.
Housing prices have softened again due to the saturation of the market, sellers are coming back $5000 - $10,000 to secure a sale. Buyers are still making offers on multiple properties and choosing the one that they feel is the very best value to them.
Our advice is that if you are looking to buy, or sell, is understand that every region has a micro market that is occurring at any one time and it can fluctuate quite a bit between supply and demand, and the quality of property that is available. So if you are on the market, or are thinking of selling, make sure you present it well by staging your furniture, performing any cosmetic touch ups but most of all, price it right from day one.
Now the Federal Budget was handed out last week, not much in change for the property sector. There are a few more handouts, and a little more money in people’s pockets which is very positive. An extra tuppence or two never goes astray.