Quarterly Property Market Update – April 2022
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Based on Reported Auction Results*
Auction Success Rates Fair To Good In 2022Last weekend, Renowden Buyers Advocates purchased a home after auction for clients in Brunswick which had just been passed-in. This felt like a rare event, as In recent times period homes have not been passed-in very often at all: especially in popular inner suburbs locations. A sense of a slight market shift can now be felt. By our rating the strength of the property market has moved down from very strong to “fair to good”. For the majority of time in recent decades a “good” level is where the market has hovered – with some sustained strong periods over that time. Homes in popular areas have been competitively sought after with solid capital growth resulting. New apartments and generally high density developments providing the exception to this general rule in relation to demand and capital growth. At the current “Fair To Good” level, life is easier for purchasers. Whilst still an environment where prices are edging higher, the “desperation” in the market is absent and buyers competing with other buyers are less inclined to bid “as though there is no tomorrow”. Auctions are always tense affairs mind you, but maybe just a little less tense in the times ahead! Interest rates are set to go up we are told, but currently mortgage rates are still incredibly. low. Purchasers buying – then locking in for set years, may still enjoy these historic lows for a long time to come. Depending on one’s glass half full/half empty mind set, this may continue be a factor in what helps to maintain market strength this year and next. . For those looking for assistance, contact us to help with negotiation or buying at auction; or finding your new home.. We look forward to seeing you. Our bidding/negotiation services can now be also booked easily and quickly on-line …or contact us by phone or email.
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