Suburb Records are Silly

This week we’ve seen a few more properties hit the market, we’ve seen a big push in marketing on social about the suburb records again. I was brought up to be humble, so I have trouble trying to brag about sales where someone may have paid mroe than anyone ever did for a property. These agents are looking for the new sellers, not thinking about how it looks to the buyers – “we paid a recond price,what were we thinking?!?”

The same goes with “sold $200,000 over reserve” posts, I’ve said it once and I’ll say it again it shows that the agent possibly wasn’t looking after their vendor by protecting their bottom line with the reserve set or they’re saying the buyer could have bought it for far less prior to the auction – which then scares most people off the auction process.

There’s still a lot of negativity in the market however we’re starting to see a litlle bit of positivity in the market locally with open home numbers increasing since Australia Day this year.

We’re starting to see more transactions, mainly due to new properties hitting the market priced in the right range.

If we look at the property investment cycle, we’ve passed the bom, we’re into the slow down and I heard a little on the radar that certain trades are now lowering their prices and chasing work as new builds have really slowed. Now this property investment cycle isn’t always going to be 100% correct, however it tends to hold relatively true throughout the history.

There has been a few houses unsold, interest rates have definitely increased, property prices have definitely dropped, but then rentals have increased and we have low rental vacancies. Obviously nothing about 2020-2023 has been remotely normal, but I still think we’re close enough to the bottom of the market to be getting buying.

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