IS NOW THE RIGHT TIME TO SELL?
There is a relatively little gap between buyers and sellers on the Australian market, as it is well-functioning with high turnover. Despite the fact that we are in a new cycle, prices are not likely to drop dramatically any time soon. The RBA has signaled the beginning of their tightening monetary policy by stating that borrowers can expect four to five interest rate increases throughout the year. Buying and selling houses is a daily occurrence. Changing circumstances lead to them upsizing, downsizing, moving away, and moving home. The decision to sell is a personal one.
A supersized, inflation-busting interest rate rise is now causing some people to predict price drops of up to 20 percent in some markets. During the pandemic, these same people predicted a 30 percent decline. Then they were proven wrong. No matter what the future holds, we have never speculated on what is next to come. Working in the 'now' is what we do. Inflation is more worrying if it persists for a long period - as this will decrease household savings rates and might weaken future borrowers' ability to meet lenders' serviceability assessments.
The numbers for all critical appraisals are up 60 percent over two years ago, and 18 percent higher than last year. Based on these results, we have reasons to believe that spring pipelines will be strong. There is a rise in stock. Although foot traffic has increased ten percent from a year ago, it remains 22 percent lower than two years ago when the pandemic was at its peak. In addition, our sales volume has increased over the past two years as well. Additionally, scheduled auctions have risen steadily over the last two years, and clear rates have risen back to the mid-60% range since polling day, which is slightly higher than our long-term average. A week's less time is spent on the market than five years ago, with average days on the market of 37.
As a team, we have been doing the same thing since day one. In any market, we can create competition for our sellers. We continue to utilize the same marketing strategy to reach the widest possible audience for our sellers. That's something we've never forgotten.
Whether you’re looking at buying your next home or looking at that next investment property, contact Coco Beyond today and find out how we can help set you up for the ever-changing future.