Earlier this week I was enjoying a round table discussion with our team of Advocates, and I asked them to what the feedback on the state of the market had been from the various agents they had been dealing with recently.
What was really interesting was that every agent’s perceptions were different, depending on the area they were in, the type of properties they were dealing with, and the price levels they were active in!
This range of responses confirms what we have been experiencing first-hand, as there are clearly huge disparities in the Victorian market right now. As I mentioned in last month’s Update, the good stock is doing very well, driven by the ongoing shortage of competition from other listings…and it’s important to understand that ‘good stock’ does not simply relate to a specific price range.
The contrast in the market comes about because there are still large numbers of former rental properties that are available for sale at the moment, and many of these are in less than optimum condition. As a result, they are struggling to find buyers because their owners/agents have not taken the time to properly prepare them for the market.
This combination of factors has produced a two-paced market in many areas of Victoria, meaning that the traditional Spring market still hasn’t fully hit its straps yet. This is particularly noticeable because mid-October is normally the peak time for new stock to be hitting the market. As a result, timing has become even more critical than usual for anyone wanting to make a move in 2023.
Make no mistake, the property market is performing well for those sellers who are well advised and well prepared, with many of our vendors achieving results recently that have exceeded expectations. But if you’ve been holding off waiting to see what is happening, the time to make your move if you don’t want the opportunity to get away from you is right now.
Of course, if you do own a rental property and are weighing up whether to sell it, keep in mind that the most popular time for renters to change residences (and therefore make your property easier to inspect with buyers) is early in the new year. But if you want to take advantage of this time frame, the time to start putting the pieces in place is right now, so don’t leave it too late to start getting the wheels in motion.
No matter what plans you may have, don’t forget that our team Ian Reid Buyer and Vendor Advocates are always available to provide you with experienced and strategic advice and guidance on all property-related matters, so feel free to give us a call on 9430 0000.
In the meantime, I hope you are enjoying the Spring weather as we shake off the Winter chills.