By Philip Webb
As winter approaches, we are witnessing different trends in the current market compared to what we would normally see heading into the cooler months. Typically, winter is a time when people tend to hold off selling their properties, waiting until spring when the flowers arrive, and the grass is green. This actually makes winter a great time to sell, with fewer properties on the market and less competition. However, this year, we already have a stack of auctions booked in for May and June, so whether we have that winter slowdown will very much depend on what happens this month.
This time last year, we were in the midst of the pandemic, which was a turbulent time for vendors. We are currently seeing vendors who tried to sell a year ago, amid COVID lockdowns, try again. Many who put their property on the market last year couldn’t have buyers come through or achieve their desired price and thus leased out their property and waited for the market to pick back up. With many of those 12-month leases now expiring, people are deciding to have another go. It’s great to see these vendors take their property to market with a renewed sense of confidence and achieve great results.
Other common trends that we are seeing include people wanting to upsize from apartments and units to larger homes with backyards. Many residential rental providers are also choosing to take their properties to market, to take advantage of the current conditions. This has added more stock to the market, meaning that we are seeing less of those crazy prices going way above reserve.
Although we are experiencing a very competitive market, the market is also extremely price sensitive. Whilst many vendors are seeing fantastic results around them and wishing to bump up their reserve, if you are out by as little as two or three per cent, that can be the difference between getting people through the door or not.
If you would like to have a chat with us about putting your home on the market during this exciting time, reach out today!