Spring has come late in 2016, with early October still with a winter feel about it.
As soon as the cooler, wetter months subside traditionally spring represents a more buoyant and positive lift in local real estate markets.
More stocks to come on, more buyers are out and about, and a generally more upbeat disposition overall. We expect this year will be the same.
Right now, Applecross has 81 listings which are now up to 302 days average (median 171) on the market and Mount Pleasant has 70 properties
on the market which are now up to 159
days on the market average (75 days median). Stock numbers are down too about 15-20% in listing numbers.
This tells me that three things have occurred.
1) The sellable/best value properties have been sold
2) Many properties have been rested (unsold) where sellers are contemplating a new launch in spring. Watch for some more listing numbers
3) The properties priced optimistically have remained unsold as buyers continue to seek value.
We are also noticing finance from the banks is very tight, with examples of some properties coming back onto the market due to finance declines, as well as extensions being sought by brokers/banks for some finance applications as the lending criteria tightens.We see buyers prepared to engage the market and make offers where they see properties that broadly meet their criteria.
Buyer activity continues to be bold with many offers coming in way below expectations. This is quite normal as some buyers are looking for perceived distress sales or windfall opportunities.
Mostly, the sales that occur are in line with market value and we remain confident that the remainder of 2016 will be strong, in sales volumes and buyer activity.
Thank you and see you in the market place.