For Buyers
Everyone presumed that the rising interest rates would see a massive sell off, but that has not eventuated. On the Coast prices have fallen by single digits BUT some suburbs are still going strong partly because shortage of supply has continued in to 2023 with very low stock levels across the coast.
Buyers fear of missing out has been replaced by fear of paying too much. Safety clauses are back in contracts; subject to building and pest inspections and finance. Multiple offers are a thing of the past in most cases. Auction clearance rates ‘sold on the day’ are stalling due to stringent bank lending.
For Sellers
Those looking for top dollar sales have missed the boat. From my experience uncertainty in the economy makes people ‘wait to see what happens’. Sellers wanting the best price now need to put everything into the sale; staging, prior building and pest inspection reports, open homes, professional photos and videos and competitive pricing backed up by recent local (in your neighborhood) sales. This draws in the most potential Buyers thus creating competition to purchase.
