Based on Reported Auction Results*

Auction Weekend Volumes Normal, With Fair Success Rates

2024 has seen a steady start to the new calendar year. Overall the market can be described as “fair” with buyers and sellers sharing equally in good outcomes and the not-so-favourable. More properties are being sold prior to auction currently which is a sign of market weakness – or perhaps better described as less buyer depth in each sale. Selling agents’ first response to quieter markets will be to sell prior to auction to make certain of a positive outcome. The general market often interprets sales prior as a sign of a strong market; but this is incorrect.

Established homes on blocks of land continue to be the most sought after property type. Today it is becoming increasingly difficult to buy a “house” “close in”  under $1million with our services often tasked with helping buyers source such homes. We feel where a buyer is able to afford this budget, for an investment purchase in particular, looking a little further out is warranted. Of course home buying needs to satisfy varied considerations and an inner city location is preferred by many despite the impacts of having less or no land and with capital growth limitations that can come with subdivided developments.

Interest rates future direction is anyone’s guess. Historically, mortgage rates are low where they are presently, though younger property buyers may not see it this way. Allowing for the possibility of moves in either direction is good planning.       . .

Bruce Renowden

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Bruce Renowden
0412 100 501
“Showed How Experience Provided Us With An Immediate Advantage”
Over 45 years industry experience.

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