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With the shortest day behind us, school holidays upon us and cold weather around us, it’s clear the year is rushing by. It would be fair to say things feel a little different this year. For us, our year on year turnover is significantly up on last year, its busy, but not always easy to make sales.
Currently the issues facing the market include the pending tightening of foreign ownership and the impact that may have on the market, the effect of the bright-line test and the end of negative gearing and tax offsets. The jury is out on just whether these things will take some of the steam out of the market.
We can report however, no shortage of buyers, rather a real shortage of homes to market. Winter time is always the low point as home owners go into hibernation or go to Fiji!
Do you think we can convince home owners that winter time is a great time to sell? It’s a struggle, why? It goes like this. Home owners believe that to sell their house the sun must be out and the garden needs to look amazing. Breaking news – buyers don’t wait for spring time, there are buyers in the market on a consistent basis all year round. The number of buyers does not exponentially increase when summer comes. Yes, there are more sales made, primarily because more home owners have decided it’s a good time to sell. In short, price is driven by supply and demand. In winter time demand is maintained and supply is short.
At the time of writing the OCR had remained unchanged, signalling a continuing low interest rate environment. While open home numbers are low, the percentage of those seriously looking to purchase is high. In short, it’s a great time to sell. Values are showing little sign of softening and in many cases we are still achieving great sale prices.