Ewan’s Hot Take: What’s next in the sales market?

The real estate market is experiencing some interesting forces at play as interest rates remain stable, stock levels increase, and uncertainties arise. While the Reserve Bank wants people to get used to 4-5% interest rates, it remains unclear whether interest rates will go up again. Last weekend’s auctions yielded mixed results, with some properties selling quickly and others not. More auctions are expected this weekend, and the market is seeing an increase in stock across the board. This increase in stock may mean that prices will start to drop as buyers have more options to choose from. However, buyer inquiry remains high, which is a positive sign. Economic commentators have no answer for how the market will behave moving forward, but it is essential to navigate it one step at a time and make deals accordingly. If a vendor has a good opportunity, it may be wise to do a deal now rather than wait for potential price drops in the future. Overall, the market remains uncertain, and it will be interesting to see how it evolves in the coming weeks.