We have now passed the halfway mark of what is traditionally the peak selling season of the year but, as I pointed out in last month’s Update, the Spring of 2024 has produced market conditions that are a little different to the typical scenario at this time of year.
Yes, we are still seeing some very strong, and at times surprisingly strong, sales results that are typical of the Spring market. However, we are also seeing some properties that are struggling to find more than lukewarm interest from buyers. What is making this more challenging than usual is that at times this disparity has been occurring between comparable properties within a few kilometers of each other.
So, here’s what we know. The push and pull between cautious buyers and property opportunities is quite delicately balanced. On one hand we have buyers that seem a little more optimistic than they were a few months ago. The other side of this equation is that it may only take one unappealing factor to persuade many buyers not to proceed with their interest in a property. This is why careful preparation of a property prior to putting it on the market is so crucial right now.
On the supply side, we are also seeing many vendors becoming more realistic about the pricing of their property, as they understand that setting their expectations even slightly above the current market often results in disappointment. It is important to understand that some areas of Victoria are struggling with buyer volumes, meaning that when you do have buyer interest in your property it is crucial that you don’t take it for granted, assuming that another buyer will not be far away.
As I mentioned above, excellent sales results are still possible in the current circumstances, as our team has been proving on a weekly basis. But you do need to be sure that your property meets the expectations of the correct buyer segment and that your campaign is carefully planned to target the correct buyers in the most appropriate fashion.
Of course, the other factor you need to keep in mind at this time of year is timing. There are probably just seven weeks left before we start having to deal with the potential distractions of school holidays and Christmas, just to name a few. What you should try to avoid if at all possible is being caught with your property still on the market at the pointy end of the year unless you happen to be in an area where the local market is active during the holiday season.
With this in mind, I would recommend that if you are weighing up your options regarding taking advantage of the current opportunities by buying or selling before the end of the year, or delaying your move until the new year, this week would be an ideal time to have a chat with one of our team at Ian Reid Buyer and Vendor Advocates to get experienced and objective advice.
We’re just a phone call away on 9430 0000.
Best wishes,
Ben Reid
11/26/2024 
