Weekly Market Pulse - 30th May 2018
I want to cover off two pretty critical questions that we are hearing everyday in the market right now and the first one, the biggest one and the most contentious one is have property prices declined? Our answer to that is yes. We have seen prices easing by about 1 to 2 percent over the first five months of this year. While that does not seem like much as a percentage, as a real dollar figure it means $5000 to $10,000 off the price of the property sitting in the median average which is $285,000. Moving towards the higher end of the price change we find it is the properties on a main road, or in need of some work. Our advice is if you are looking to go to the market, perform the minor repairs and touchups to ensure you secure a premium price for your home.
The second question we are getting out in the marketplace is who is buying at the moment?
Interestingly enough, First Home Buyers are making a comeback in full force, the number of properties sold in the past 4 weeks to First Home Buyers has increased two fold. When speaking with some colleagues of ours in finance, they have found First Home Buyers have been positioning themselves to purchase their first home and many are ready now. The timing is interesting as it is usually the Investors that are coming out of the woodworks right now as it is getting closer to the end of financial year.
It’s not all doom and gloom for property sellers, remain positive and ensure you position your property for selling success. Buyers are more logical in their decisions and taking a greater length of time before deciding to make an offer and there is a larger supply than demand, so if you get it right, you will secure a sale at a good price.