Are we headed for a buyers’ market?
Change is in the air in two interesting ways:
- Landlords are selling their investment properties, and
- Buyers for those types of properties are making lower offers
Interest rates are finally having an impact on landlords who have held onto their investment properties for years. Rents are no longer covering the mortgage and strata fees so well.
Also, many landlords have reached their retirement and are ready to liquidate their assets.
As more of these properties, such as one-bedroom apartments, come to market, they’re no longer selling as well as they were even just a few months ago. Buyers have more properties to choose from (so there’s more competition) and less purchasing power (thanks to banks).
If you’re a buyer, now’s the time to jump in. If you’re a seller, you’ll still achieve a strong sales result – but it might not be astronomical.
