Market Overview

The Below Was Filmed on the 2nd of August 2021

It’s that time again, a time where the shelves are littered with Christmas gifts and decorations. A time where we start to slow down and unwind. That cannot be said for the property market. Locally we have seen a spike of incredible sale prices being achieved and sellers making the most of the current market conditions.

House prices are incredibly fluid and previous sold data is no longer an indication of expected sale prices. Often the initial appraisal price is irrelevant as the data is continually changing. That’s why an agent that promises a price or bases their presentation around price is probably not the best agent for you. The truth is, we as agents are just as unsure of what the expected sale price will be. Being local agents, we have a great understanding of what we believe a buyer in your area will spend, but we focus entirely on the process. Marketing and sales strategy has never been more important.  This current marketplace has unfortunately created some lazy agents. A proactive agent has pre-qualified buyers ready, and a plan to create the biggest competition to sell your home. The best prices are created through multiple offers, but without a confident agent, thousands could be lost.  Negotiating and applying a sense of urgency, yet carefully guiding the buyer has never been more important. The difference between strong negotiating is no longer $10,000 or $15,000 it is $100,000 to $110,000. If you don’t believe me, call me. I can show you past sales demonstrating this.

If you are a buyer, please do not be disgruntled. As a buyer, you may need to re-evaluate your checklist or consider all you’re your options regarding buying. We are seeing more and more local buyers competing and securing their first homes and investments. This market is moving quickly and it’s great to see so many buyers buying a home to occupy. Speak with a local agent in the area. If the agent is good, they will listen to you. They will take notes and try to match you with relevant properties. Ask the agent “how can I make my offer as strong as possible”. Please remember the conditions on the offer can also influence the seller’s decision. Form a relationship with your real estate agent, their advice is free.

Smoke Alarm Changes – As of 1st January 2022

As of 1st January 2022, we will be welcoming a more uniform structure regarding smoke alarms. Up until this point, smoke alarm regulations have differed depending on the use, and age of the home. The new legislation will ensure all alarms be photoelectric and interconnected. This is a process that needs to be applied before a seller signs a contract. Without legal certification, you will not be able to sell or lease your home.

A simple rule for a single storey house: A smoke alarm must be installed on each storey, in each bedroom, in hallways that connect bedrooms to the rest of the dwelling. However, please contact the professionals for a specific smoke alarm system design for your home as high-set homes will be different.

NB: Please do your own further research or contact one of the two contacts we will provide below.

Some smoke alarm companies are taking 3-5 weeks to be able to arrange an install which could potentially delay a sale or put you in breach of legal requirements for rental properties, so we recommend that you contact one of two companies that we have worked with and have had great experiences with.

Company 1 – Siren Smoke Alarms- 0401 841 547 – www.sirensmokealarms.com.au – [email protected]

Company 2 – Smoke Alarm Integrity (SAI) – 1300 974 615 – www.smokealarmintegrity.com.au – [email protected]

I hope you find this letter useful as the real estate industry is continually changing. Please let me know if you require further information regarding the above, I would be happy to arrange quotes for alarm estimates and discuss further.

Australian Market Overview

Most capital cities are recovering well as predicted post-recession.  We probably didn't see quite as many “bargains” as we expected during the Covid period.

Melbourne and Sydney are on the move again, with a shortage of available houses on the market giving sellers a Fear of Moving Out.

Brisbane has seen a major influx in interstate migration with a net migration of over 7,200 people moving to Queensland in the September quarter.

Perth is recovering after many years in the downturn of the oil and gas industry.  Expect good growth in Perth over the next few years as industries tend to expand into different areas.

There is a shortage of properties for sale and rent in all capital cities, so demands are extremely high combined with the low interest rates, it's a great time to sell but more so if you're downsizing.

Get in touch for a Market Appraisal on your property.