It’s easy to get quickly caught up in the property media storm in this country. At Damerell Group, we like to form our opinions on clear facts rather than the musings of the press. We are here to sell property, not eyeballs.
Other than our own in-house statistics, which we bring you without fail every month, we also value the regular commentary received from real estate’s national association, the REINZ. In her latest report, CEO Jen Baird notes that market sentiment has shifted over the past couple of months and, while prices remain strong – increasing annually in all regions – the number of sales continue to trend downwards, which may, in turn, further ease price growth in the coming months.
Baird speculates that the record low levels of properties available for sale for the majority of last year, along with low interest rates and anticipation of LVRs, brought urgency to the property market in 2021. However, with the surge of properties witnessed by the market over the past few months, that 'urgency' has diminished somewhat, leading to what she describes as “fear of overpaying” (FOOP) amongst buyers – some of whom may be under additional pressure from legislative and fiscal changes impacting their ability to borrow.
“As a shift in sentiment sets in and buyers are less willing, or unable, to pay the prices we saw towards the end of 2021, pressure will come on vendors to adjust their expectations to meet the market,” says Baird. “For those selling, conversations with their real estate professional will help better understand what is happening in the market right now, get a feel for market values and the most effective approach to achieve the best outcomes.”
Here is where our experienced agents and our market-leading auction team come to the fore. Damerell Group’s success rate at auctions is undisputed and second to none. We conducted 35 Auctions and had an average of 1.6 bidders per Auction in February, with an overall succes rate of 66% of Auctions being sold under the hammer, or within 7 days after the Auction. If we look at the last 12 months of Auction reuslts, we enjoyed a 79% success rate of properties sold on auction night, or before the auction, with an average of 4 four bidders per auction.
Do these statistics paint a picture of a market in decline, as the national press wants us to believe? We'll let you draw your own conclusions. Better still, why not come and see for yourself. Join us at one of our Wednesday Auction sessions, online here.