Welcome to this episode of Ninja in A Blazer.

This update covers the 3 different markets that are our office services, residential sales market, residential rental market, our local commercial market. Our goal is to bring as much value to as many people reading our update. We understand many of you may not only be interested in the residential property market but also may have interest in the commercial property market.

Residential Sales Market Update

Buyers’ activity and demand continues to rise and there seems to be no signs of stopping. Not only are we currently at a peak but I believe this is one of the strongest markets we have seen in the past 2 decades. The image on the right will show you real figures covering a week during February where our office had 14 open homes and we received 158 offers making that an average of almost 12 offers per property! 

What does that mean if you’re selling now?

The benefit of selling in this market is that you are more than likely to walk away with a premium for your home. We have seen anywhere from 2-5% above “market value”. As offers are collected prior to negotiation, we are seeing majority of buyers all offering around the same level.  As agents we contact all the buyers to confirm what their best and final offer will be.  We begin to see buyers understand the significance of their position and we often see the top 1-3 offers increase their offer to secure the property resulting in the 2-5% premium. For example, we recently sold a home in Taigum where one of the buyers’ first offer started at $900,000 but ended up over $1m and was sold for $1,020,000.

Residential Rentals Market Update

The rental market is starting to ramp up. Towards the end of January and February is always one of the busiest times in the rental market with people moving for new jobs and schools at the beginning of the year. We see a high number of properties on the market as well as a high number of prospective tenants. This year has been no different. We are seeing properties at low price points (under $600 a week) flying off the shelves with high demand for these properties due to affordability being a top issue for tenants currently. The larger and more expensive properties are having a little less interest with the price points being out of range for most tenants. These executive properties tend to attract families with multiple incomes, share houses with more than two people bringing in income or people who have been owner occupied in the past looking to rent after selling. Effectively marketing and presenting these properties with high quality photography and premiere advertising online is a great strategy to ensure we attract high quality tenants in a timely manner. If you like more specific advice or an update rental valuation for your investment call Katie on 0431 426 063 or email on katie@harcourtspinnacle.com.au 

Commercial Market Update

The commercial market to start 2024 has been strong. We received healthy rental and sale enquiries as early as the second week of January with buyer interest remaining consistent leading into the backend of the quarter. Leasing enquiry has subsided with costs of living pressures impacting many small businesses decision making when looking to expand or relocate.

The industrial market continues to go from strength to strength with units and freehold properties of all shapes and sizes achieving record results when taken to market with clear strategy implemented. We are seeing properties that are listed and presented in their best possible light achieving exceptional prices as a result increased levels of enquiry. For any specific commercial advice please feel free to call our Commercial Direct Phil Grant on 0414 806 186 or email phil@naiharcourtspinnacle.com.au