In a blink of an eye, 2022 is almost over and we are about to welcome 2023. We hope that you will manage to get some time off during the festive season to rest, recharge, and to spend quality time with your family and friends over good food and drinks. Our Aspley office will be operating throughout the entire season we will have staff in the office except for the public holidays. All our agents including our team will be around and available at any time at if there is anything we can assist with. Do not hesitate to call or email us if you need our assistance.

Quick 2022 Recap – the first Quarter of this year is when we saw the peak of the market and since then prices have corrected approx. 10-12% in most suburbs but there are some specific pockets and specific homes fairing much better and homes that are less desirable that have seen a bigger drop. Overall market activity is still stronger than in 2019 and buyers’ confidence has increased towards the end of the year as buyers get used to rate rises, realise that the market is not likely to “crash”, and this is as good of a time as any to buy.

Why are people selling?
With all the negative media out there share our experience on why people are selling in the current market and in fact, the market is still stronger than it was in 2019. There are many advantages in selling in the current market compared to the crazy market we saw in 2020/2021.

We have found that many of our sellers that are looking to upgrade or downgrade but are not in a position to gain bridging finance are in a great position in this current market. Current sellers are more like to consider accepting subject sale property which will allow upgraders or downgrades to transact and to move to their new home.

Many sellers are choosing to sell and to rent in the meantime as they believe that the price, they can gain now will be a premium compared to 6-12 months down the road with any future rate rises, we are expecting will continue to correct the market. For each 5% drop, a potential client may buy back in the market making a saving of $35-$50k+.

Investors cashing out, although investors would have got a higher amount at the start of the year it’s impossible to predict the peak of the market. Therefore, many investors that have owned their investments for a long period still see a massive win for them to sell in the current market and to take their profit as they do not foresee much capital growth in the market for the next short to midterm.

Overall, the market activity remains strong as we close the year, the reason why average days on the market have significantly increased is generally due to the time it takes sellers to accept the current market price rather than then waiting weeks for the right buyers to show up. If a property is priced right in the current market, we are seeing great interest and a sale within 2 weeks.

The trend showing the longer a property is on the market results in less interest and lower offers is true even in this market as it was true in a booming market. We are still finding that the higher offer is often the first offer or offers that are being received in the first few weeks of going on the market and as the weeks go by, owners often end up accepting a lower offer and wish they took the offer at the start of the campaign. Therefore, if you are selling this market, I recommend doing your research, listening to buyers’ feedback, setting realistic expectations, and remembering the longer on the market does not equate to a better final price.

Renovating prior to a potential future sale
We come across many homeowners who are considering or in the process of renovating their home with the intention of selling soon. The reason for renovating could be to enjoy the home more now while they are in there as well as to add profit when it comes time to sell. From our vast experience renovating can increase your profit however it’s essential that you choose the right items to renovate, the right finishing and how the overall final product will look to a buyer. Spending more money does not often equate to better resale, in fact, we have come across many experienced clients that spend very little money but in the right places and create an overall WOW look that provides them with significant profit when they sell.

• If this is something you are planning to do, we would love for you to contact us as we are able to provide a few services that are of no cost to you that will assist, this includes:
  Advice on renovation items and finishes based on your suburb (you do not want to be the most expensive house in the area)
• Provide a current valuation of your home as it is and a forecast on what it would be worth if the renovation is completed today to ensure that you do not over capitalise
• Provide recommendations on trusted trades including builders that could manage the entire process
• Stay in touch with you once we meet you and provide constant market updates so that you know when the time is right to cash out for maximum profit.

Have a Merry Christmas and a Great Start to 2023 we look forward to speaking to you in the New Year!