As I predicted about 8 weeks ago, July 2019 saw the bottom of the market. Unlike previous years where Winter suffered from low stock levels and therefore produced fantastic results, this year we have seen a great deal of “panic listing” and this actually made conditions worse for sellers causing a rock bottom market.
Several major events in the last couple of weeks have now restored confidence for buyers and has produced an upswing in prices. In particular the banks have adjusted their serviceability criteria and we have had another two interest rate cuts making buyers jump back on the horse and get out there on a mission to buy property.
Here’s a great case study to show you what I mean:
Just yesterday I sold a townhouse in Dulwich Hill in 24 hours for a building record price, before it even hit the market. The buyers had made an offer on a townhouse in the same complex just two months ago through another agent for $1,300,000 (it was a larger townhouse with a 4 car garage), but the deal fell through. The same buyers yesterday paid $1,430,000 for my Vendor’s property within 24 hours of seeing it. The contract was signed unconditionally and they paid a 10% deposit. What a huge difference in just two months! That’s actually a 10% increase on their previous offer!
So if you are thinking about selling this year, NOW is a great time to list if you are ready.
Also please ask me about my “SPRUCE ME UP” styling service. If you just need a “SPRUCE UP” to improve your property’s presentation, I can help at very minimal cost compared to engaging a full styling company. I look forward to hearing from you.