Are properties still selling?
While the budget has thrown a spanner in the works and the autumn and winter months are always quieter than the spring and summer months, properties are definitely still selling.
However, properties at the lower end of the market are selling the best. Think one and two-bedroom apartments valued between $600K and $1.5mil. The buyers tend to be first-home buyers and owner-occupiers rather than investors.
Since the rise in interest rates, there are fewer buyers coming through open homes and fewer bidders at auctions. This means less competition for those who are truly ready to buy.
As always, the fundamentals of property campaigns remain important. They include:
- Great presentation
- Realistic prices guides
- Attractive marketing
- A more proactive approach in dealing with prospective buyers
The market has changed, but there are various advantages:
- Agents must provide a greater and improved level of service
- The conditions for those upgrading in the market are now ideal
- There’s less pressure at open houses, auctions and negotiations
- Buyers can take their time finding the right property for them
