Quarterly Property Market Update – October 2023
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Based on Reported Auction Results*
Fair Demand On Modest Volume For The QuarterAuction success rates for the Quarter just ended were very consistent throughout. Sitting in the low to mid 60’s percent success level this is a market place where both buyers and sellers can reasonably achieve a good outcome. Overwhelmingly, the house sector is the sector with highest demand. We successfully purchased a number of houses (on their own blocks of land) for our clients and in every case there was competition from multiple buyer parties. Increasing interest rates and the cost of living “crisis” have done little to curb buyers who wish to buy. Hardly surprising when one considers there really is a rental “crisis” where applicants for properties far exceeds rental stock available. It has been our long held view that homes are the preferred way to go for investor buyers. But this has not always been the case. The argument for good subdivided properties – apartments, villa units, townhouses was a strong one, right up until multiple high rise developments took hold in our apartment market … and unit/townhouse developments swapped space around them for density, with greater numbers packed onto a block of land. People enjoy space if they can get it and combined with a relative oversupply situation of dwellings built, markets and prices are diverging and have been for over a decade. We advise and direct our investor buyers into houses where possible, even if it means buying further out. And buying “established” is the final cherry on the cake.
“Thank you Bruce …Your bidding strategy was definitely the right one!” … Ian (Purchaser last weekend in Nunawading).
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
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