Prices are holding up reasonably well because of a lack of supply.
How buyers and sellers can take advantage of the market right now.
My Clearance Rate: 7/13 SOLD
Speaker 1:
the boom of the first four months is gone.
Speaker 1:
So what does that mean?
Speaker 1:
If you're a seller, I am letting you know I am so excited because it is 4.45 pm on a Saturday. I've just completed my last auction for the day and I'm letting you know that it has been a sprint for a few months now, bar two days that I gave myself a bit of a break in Bali while I was at that conference, but apart from that it has been seven days a week, knowing that there was going to come a time when I was going to get on that plane and go visit my daughter in Copenhagen and then grab her and do a bit of a couple of weeks in Greece, get out of this cold. And I'm very, very happy because I'm finishing the day with a very good result. A brand new property here in Guildford has just sold for $1,590,000. That's also got a granny flat.
Speaker 1:
Let me give you some of the stats. Today I did 13 auctions scheduled. Out of the 13. We had seven that actually sold. There were quite a few properties today that were either postponed, sold prior or cancelled, and that, to me, is the beginning of a sign that buyer energy is getting a little bit fatigued.
Speaker 1:
Yes, you will see some results go right through the roof Normally a property in the best street or a property that is beautifully meticulously renovated or a brand new build. But overall it's very, very clear. The media and the Reserve Bank have actually got buyers on notice and they're worried and they're not getting carried away as they were during the mini boom. That we view at the moment is that prices are holding up reasonably well for only one reason, and that is supply. I think prices if let me put an asterisk if rates go up, we have a problem in spring. If rates go down, we don't have a problem in spring. If rates stay the same, I don't think it's going to make a hell of a lot of a difference, but I do think the boom of the first four months is gone.
Speaker 1:
So what does that mean? If you're a seller, don't go and do what every other person in Australia is going to do and put their home on the market on Super Saturday in September. Nah, because you'll be selling in competition, not in isolation. That you can over the July and August period. I'd fast track it. That's what I would do. 100%.
Speaker 1:
I can't get over today, but with all the auctions. Do you realise? Every auction I went to today there were other agents from competitive offices at every auction. I mean, what is it Like? Why would you? Don't get me wrong. I understand the importance of knowing what the market's doing, but on a Saturday, if you are a real estate agent, you should be out there going out with buyers. You should be doing your own, open for inspections. I just don't get how you get it. I mean, I understand often they'll send their junior associate there to get the result. You can get the results at the end of the day anyway. I know what people are doing. They like to see who's actually buying. They just want to feel it. And if you are going to do it, may I suggest you do it with style and you do it with dignity and you don't go off and talk to parties, buyers or sellers there, unless, of course, they've engaged you to so.
Speaker 1:
And also a block of units. Today they're the two ones that went off for me. I did two block of units, one in Lakemba and one in Auburn, and they both sold significantly more than what the owner was going to take, because I've got to tell you they are the best asset piece at the moment. The reason why is developers haven't been building units. We know the migration means the most likely property migrants will be living in in the early years of when they come to Australia are units. So units are great properties and blocks of units are even better.
Speaker 1:
And I also have to tell you some of the other notes that I've written down here that I wanted to cover today is well, geez, I'm excited. Someone said to me choose your daughter, get sport. You were there, you know, took her there in January, february. You're going to take her out to Greece. I said, hey, listen, I'm the spoilt one, because I actually reckon the smartest thing to do is you spend your money on your kids. Why leave them an inheritance and then some other bum takes it. Enjoy it with your kids. Anyway, ladies and gentlemen, I'm pretty excited. You can hear it in my voice. You can hear it in my voice.
Speaker 1:
And also a big shout out today to the agents out there who do the right thing and when they know that there's more money available, what they do is they don't get their owner to accept an offer, even if the owner was going to accept it, and I saw that today with a property. Raphael did a super job, actually turned around. He had an owner that was very motivated in doing the deal and he protected the integrity of the property. Property in the end only got to $3850 during the auction and then was able to negotiate a sale for $4 million with a very happy seller and, I think, real estate agents. Just because an owner can be easily persuaded to accept an offer, you should never do it if in your heart you feel that you could get more for them post the auction. I know it feels great I've've done the deal, but my approach has always been it doesn't matter whether it sells at the auction. What matters is it sells for good money.
