Your Property News March 2023

Have we reached the bottom of the market? Has the property pendulum begun its swing upwards?

CoreLogic’s research director, Tim Lawless, said the stabilisation in housing values over the month coincides with consistently low advertised supply levels and a rise in auction clearance rates. The national index declined -0.14% over the month, the smallest monthly fall since May 2022 (-0.13%), when rate hikes commenced. Read the full article here.

We are certainly seeing this trend in our local market. The recent sale of 16 Liverpool Road, Clayfield demonstrates the strength of our local market. It sold at Auction in October 2022 for $2,150,000 and resold in February 2023 for $2,300,000.

According to CoreLogic, For Sale listings are down 17% compared this time last year and down 11.9% compared to five years ago. Time on market is increasing across all suburbs and capital cities. Calculated over a 12 month period, the median days on market for Ascot is 29 days, Hamilton is 33 days, Clayfield is 29 days, Hendra is 28 days, Kalinga is 22 days and Wooloowin is 21 days.

In any market the key to selling is to ensure you are ready. From our experience there are two areas to really focus on – presentation and pricing. They may need to be fine-tuned throughout the process however when the two are combined, we find the sweet spot.

Presentation relates to the house – inside and out, the marketing of the home, the ease of buyer engagement and the breadth of reach. Pricing relates to the pricing strategy that will be adopted to attract the highest number of buyers to your home thus creating competition.

We are all time poor. The demand for move in ready homes reflects our lack of time. As a seller, if you can address any item that needs attention in your home prior to listing, you will make the buying decision easy and uncomplicated. Instead of the buyer reducing their offer price by $50,000 to cover the cost of a $5,000 repair, it is timely and more cost effective for the seller to rectify prior to commencing a sales campaign.

House prices are higher than at the commencement of COVID in March 2020. With the possibility of only another two interest rate rises this year, the sentiment and data is moving towards a market neutralising and potentially moving upwards in the second half of 2023 or early 2024.

If you’d like to upsize, downsize, invest, or enjoy an easier lifestyle, please reach out. We are partnering with a number of sellers seeking to achieve their property goals. For a discrete discussion, let’s talk.

Amanda
Amanda Butler – Principal
0438 767 439

In our Clients words

Awesome & Rewarding

Amanda and her team made our purchase very easy and we learned a lot of things within the process. She made herself available at all times and answered all our queries that we had. We will see you again Amanda! More power to Butler+Co!

Carlos – Zillmere