Exceptional not Exhausted.
Wednesday 07 Sep 2016
Have you heard of market exhaustion? I hadn’t either until earlier this week but I thought it a relevant description. But wait a minute. The article was actually referring to ‘exhaustion’ in the context of ‘demand’. What the? That’s actually the exact opposite of what our team is seeing.
With supply of stock remaining at such low levels we have keen buyers seeking our help because they’re exhausted as a result of their own fruitless search to find and secure a property that meets their needs and their budget.
Demand for Sydney property is exceptional, not exhausted.
It’s buyers who are frustrated, not demand exhausted. And it’s not that buyers are aiming too high or that they are wishfully hoping to find that illusive ‘bargain’. These are buyers with good finance approved and realistic expectations around what they can get for their money.
It is just that the flow of properties onto the Spring selling market is insufficient. The Sydney market needs more listings.
Of course there is a degree of risk that exhausted buyers may withdraw from the market, but I don’t think so. With rates remaining on hold the motivation to stay focussed and ready to purchase is too strong. As is evidenced by the high auction clearance rate over recent months buyers are active.
So while I will continue to encourage potential vendors to strongly consider taking advantage of the current great market conditions and list now to secure a great result I think it’s important to also let frustrated buyers know our team can help.
Our agents are specialists with extensive local knowledge of the areas in which they work. That means they have detailed knowledge of the buildings and many of the properties in their speciality area together with a database of owners and investors.
So if you are a buyer feeling overwhelmed by underwhelming supply of property opportunities give our team a call.