Now more than ever it is critical to have purchased the right type of property and got the right advice. With the Melbourne property market having turned, be it in varying degrees depending on the market sector. Many vendors are finding them selves in a position of wanting to or needing to dispose of a property. This market is one where the well selected properties are standing out and selling and the not so good are hanging around for a long time. The buying opportunities are starting to be evident.
You only have to read the auction results to work what is not selling. Take a look at the number of main road properties that have been past in the last 8 weeks, or the number of flats without balconies that have not sold. Houses and apartments without car parking are also getting more and more difficult to sell. Try selling a renovator’s delight on a train line and the clippers will be out for a very short hair cut. Easy to buy means hard to sell- works every time.
Properties have gone from having 70 to 120 inspections in sales campaign to 30-40 inspections. Properties that would have walked out the door last year are now more difficult to sell and often only have 1 buyer at the market level. Agents have to work really hard to coax the buyers up to the vendor’s expectations.
Even the stands out properties are being inspected by fewer buyers, but because they have the right ingredients they are still selling well. If you are selling a property make sure you select the right agent and get the quote price right, too high and you will get no buyers and too low, you won’t attract the right buyer. Select an agent with experience and a track record, the old boys are starting to shine and the new kids on the block are looking to sell the BMW and are wondering what has hit them; just take a look at the (lack of) volume.
Be ready for the buying opportunities that are going to present themselves over the next few months and get ready to take advantage of some long term opportunities. Batten down the hatches and hoist the sail to catch the breeze of opportunity, but be careful not to catch a cold……
Regards
David McMillan
Director
Domain Property Advocates
