Property markets rise and fall but picking the right time to buy and sell can sometimes be anyone’s guess. Right now the market is high and sellers are rushing to get their homes on the market in order to obtain a great price whilst the market is in their favour. Predicting how long the high market will last is the hard bit, because once it swings in the favour of the buyer, it can be a long road back.
However the turnaround from 2019 to 2020 has been remarkable and and exactly as I predicted. Those who sold in 2019 are probably kicking themselves that they didn’t hold out longer, especially if offloading an investment property or a long term family home.
Part of your real estate agents job is to turn hindsight into insight. Experienced agents have worked through and monitored markets for many years, and advise each Client accordingly. You may remember a newsletter that I wrote last year in April 2019:
“Everyone is aware of the factors influencing the property market right now, including the banking royal commission hangover and the upcoming federal election with the possibility of a change of government. This indicates that the market may slip into hibernation for the Winter…
Nobody really wants to sell at the bottom of the market cycle, and this could see many sellers give Winter 2019 a miss. It will be exactly the solstice that the market needs in order to shift buyers attitudes who were sitting on their hands waiting for the market to hit rock bottom. For without sellers listing their stock, buyers have little to choose from and are forced into a waiting game for the right property to come along. These conditions may produce a market rejuvenation in Spring 2019. My general advice for sellers would be to hold off until Spring 2019 because “if we had no Winter, the Spring would not be so pleasant”.
My insight was spot on thanks to 34 years’ experience in the property industry. I am always here to share my professional advice and insight into the property market. You can contact me at any time on 0431 701 216 or email firstname.lastname@example.org