Are we at the bottom of the market? | October 2022 Market Update

Happy Halloween! Can you believe that it’s now less than two months until Christmas? October seems to have just flown by. The property market has been a hot topic again in the media over the last month with another interest rate rise, record inflation figures and the latest Federal budget dominating conversation.

On the sales front we have found that our general buyer activity levels are down and yet we have seen some really strong sale prices. For example we closed the sale of a small acreage in Jascaren Close, Jilliby at $1.8m, above our expectations. We also had some great buyer competition on 46 Springall Avenue, Wyongah with four different buyers offering on the property and it selling for a fantastic price at $845,000. These sales are a clear indication that if a property is well presented, well priced and has a great marketing campaign, there is every chance it will sell for a great price despite the market being down.

Contrary to reports of a rental crisis, we have noticed the rental market slow down considerably with more properties becoming available and it taking longer to find a tenant than what we have become accustomed to over the last few years. During the month of October we listed 19 properties for lease, with 17 being leased. Our average days advertised were 37.

Heading into November, we have seen a rise in available listings both for sale and for lease. First home buyers have become very cautious with another interest rate rise looming, and with the First Home Buyer Choice stamp duty scheme coming into play in January, this may now see some hold off buying until that scheme begins on January 16, 2023. We have started seeing some more investor enquiry and there seems to be plenty of mum and dad buyers looking to upgrade or downgrade their homes which is a positive sign that the market may start to normalise.

Regardless of where the market is within the cycle, it’s important to note that when selling and buying in the same marketplace your changeover costs are cheaper now than they would have been if you were moving 12 months ago.

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