There has been a significant focus on financial factors fuelling the booming residential property market. Fair enough, but in my opinion, not enough consideration is given to the equally important fact that regardless of the booming prices achieved, not enough owners are motivated to actually list and sell. What’s the answer to that problem?
Right now there are not enough properties being offered for sale. As I’ve mentioned in previous blogs CoreLogic reported that listings across the country throughout March were -25.5% below the five-year average. And CoreLogic explained that even though supply is increasing it is still not keeping pace with buyer demand.
In March the Morton sales team negotiated 61 sales with an average price of $1,109,087.70 (to be exact!) and 28.53 days on market. And we took almost 4000 enquiries. To say that the team was working the phones hard is an understatement. Interest is incredibly strong.
So whilst the strong market is fantastic, it is also tricky. For property owners, the appeal of capitalising on the bullish market is obviously being tempered by one very big question. If we move out of the market now, will we ever be able to move back in?
That’s why talking with our agents is really crucial. Our team are consistently answering calls from potential buyers but equally, they’re making calls on behalf of potential buyers.
Our sales team includes agents with decades of experience in their specialist precincts. Over that time they have gathered in-depth knowledge of building and properties in the area and, most importantly, they have established trusted relationships with many of the property owners.
That knowledge and those contacts mean at the same time as they list a property our sales agents can be working to identify a suitable replacement property for their vendor. You might be surprised how often one sale will lead to another as our team work to find the perfect property to match the needs of their clients. It doesn’t always happen with seamless timing, but when it does it’s magic.
So my advice is to talk to your agent if you are a property homeowner keen to financially capitalise on the strong demand but nervous about the practical implications.
A good agent will talk you through options so you can make an informed choice based on a true understanding of the value of your property, as well as how you can meet your ongoing and future property goals.