Ninja In A Blazer – 9th September 2023
September 9, 2023Ninja in a Blazer – [Video] September Market Update
October 8, 2023NINJA IN A BLAZER – 3RD OCTOBER 2023
The countdown to the festive season is officially here now, this is a great time to check your progress on your 2023 goals that you haven’t completed and use this opportunity to tick them off your list. If you have goals that you have in mind for next year, why not consider starting them now as there is no time like the present?
Harcourts Pinnacle Expo
We wanted to thank all the people that took the time to attend our first Harcourts Pinnacle Expo held at the end of September, we hope you got some value from it to help you with your property journey. For those that were unable to attend we are planning to host a few Expos during the year and the next one will likely be in the first half of 2024. The goal of this free event is to help bring valuable information to current and future investors both looking at residential or commercial investments looking to make the “best” possible decision for the best returns or capital gains for the future. We had many guest speakers that are experts in their field, and we will do the same for all future invitees. Look out for the invite sometime in the new year or contact me to register your interest now.
Current market trend
Not much has changed from the previous month. We are still seeing a record low number of new properties hitting the market and with the large pool of buyers looking to secure a property, we are currently in a strong seller’s market. Over the past decade we don’t believe we have ever experienced levels of new properties on the market this low. We are seeing prices in many of our local areas selling at prices that we were getting at the PEAK at the start of 2022. To give you an example, we sold a townhouse recently at 8 Wynford Street Aspley for $610,000 where in April 2022 at the peak a very almost mirror image townhouse in the same complex for $607,000. We are seeing similar sales results based on all our office current sales where we are gaining either peak prices or very close to peak prices. A great fact that realestate.com.au recently provided is that current buyer activity is at the highest level in 3 years.
What do we expect for the last Quarter of the year?
The chart provided by realestate.com.au shows the average buyer trend over the past 5 years. We can see October and November are the busiest month of the year. History is a good indicator of future events, and these statistics tell us that the next two months are likely to remain strong months for sellers to potentially gain amazing prices for their property if they choose to sell.
The graph also clearly shows a massive decline in buyer activity in December which is expected as people start going away for holidays or take breaks from looking at real estate and spend time with their family.
Based on the above statistic provided by REA if you are considering selling and wondering when is the right time or waiting till the start of next year I would recommend to consider to go on the market asap if there is nothing stopping you as the big different in buyers activity that we are expected to see in October and November VS start of next year will result in more inspections at open home which equates to more offers and results in a higher final price.
What do we expect for 2024?
In the past 4 years the real estate market has been doing almost the opposite of most economists’ forecasts. Most economists expected the market to drop by 40% when Covid came. The reality is the market grew by over 45% in 2 years and despite many interest rates rises and a quick correction, house prices are still going up, what happens next is only a guess. Most of the major banks forecast reasonable growth in 2024 and the market to remain strong driven by incredible high migration numbers and supply shortages due to lower construction levels. From a local level the Fear Of Missing Out “FOMO” is creating current peak sales prices due to the lack of properties on the market and some buyers submitting amazing offers just to secure a property. Because there are less properties for sale, sellers are reluctant to sell as they fear they won’t find something to buy, exacerbating the lower levels of properties for sale. Eventually more properties will come on the market as we move toward a more “normal” stock level where we believe prices will start to stabilise before eventually prices continue to grow.
Quick Reminder, once again, if you ever need an idea on what your property is currently worth, please reach out we can provide you with the option of a more accurate valuation by inspecting your home (it only takes 15min) or use any reasonable current photos online to provide you with price range.
