Quarterly Property Market Update – December 2022
|
Based on Reported Auction Results*
Auction Success Over Spring Holds On To A Fair RatingAs interest rates continued to rise each month, the success rate of sales by auction continued to hold on to similar levels experienced in the previous Quarter. Realistically, the property market could not have been anticipated to perform much better than it did. (However, it might have performed worse). By our measure, the current success rate would be viewed overall as a “fair” market, but only just. At present success rates, prices are just holding. The downside is where less popular properties experience difficulty in finding much interest from buyers at all. It is here prices will need to be lowered to try to attract interest. The continuing trend is a house on land is the most sought after property type and can perform very well with multiple bidders on occasions producing good outcomes. The talk is interest rates may be close to peaking. Let’s hope so. Higher repayments adjust purchase prices limits. But uncertainty keeps buyers from buying altogether. If uncertainty in relation to rates movements can be lessened, we may see a mini rebound in positive sentiment in 2023. Following a less than inspirational 2022, this would be welcome indeed! RBA wishes everyone a very Merry Christmas and relaxing holiday break! In 2023 we continue to look forward to assisting buyers. Importantly, if past clients are thinking of selling a property in 2023 – to buy up, down, or leave the market, ensure you contact us first so we can assist you in saving commission and advertising costs. Our Vendor Advocacy role is an increasingly important and very beneficial service we provide to help sellers and past clients.
Contact us if we can help you with your property needs: For assistance: Bruce Renowden To View Our TouTube Channel: https://www.youtube.com/channel/UCOq7OeGN5hqBXM6QbGgfRSw
|