Tuesday 30 May 2017
Last week I said I think the market is changing. There is an increasing degree of caution applied by buyers when making their decisions to purchase. Caution is never a bad thing when making a significant financial decision but in terms of the current state of the market it is important to note that buyers ARE still proceeding to purchase. The market is still moving.
Our team or residential sales agents continue to secure good prices for clients. Buyers are still attending property inspections and our database of clients are still taking calls from our team to discuss market opportunities. There is still significant activity, it just isn’t quite as frenzied as it has been.
That said there is certainly still some locations where demand for properties remains very intense. We continue to see very strong interest in the urban renewal area around Green Square, Zetland and Alexandria.
Morton has been on the ground in Zetland for several years and our decision to open a Morton Green Square office in March this year is a reflection of our commitment to our clients and the growth we believe exists for residential property across those Southern city fringe suburbs. (And just quietly, you may want to have a look at the amazing competition being run by the team in our Green Square team to celebrate the opening of their new office. There is a brand new BMW 120i Sport up for grabs)
Even as the market is changing there is no doubt it remains very competitive. Value growth may have slowed but that value is very much still evident and value is still being achieved. Our team is very proud that we have maintained a 100% auction clearance rate throughout 2017 and be in no doubt that the outcome of those auctions is often much more than just a ‘sold’ sticker.
Last weekend Morton agent Ettiene West secured the top result in New South Wales when he took a magnificent two-bedroom apartment in Phillip Street to auction achieving $8.715m for his client under the hammer.
That is a great result and a great demonstration that our team have the skills, commitment and experience to always deliver the best outcome for our clients.