Here we are, at the end of January already.
Having seen a shortage of newly listed properties for sale as we headed into the end of year break, what did happen was the existing sales stock started to get soaked up. With the absence of other choices, buyers who needed to buy did so, based on what was available to them.
As the year drew to a close, I was receiving a lot of messages regarding homes available off market. Being so close to Christmas, many sellers were not willing to start a public marketing campaign and some were prepared to sell to a buyer if all the necessary factors lined up.
As I’ve mentioned previously, many homes never even hit the open market – they are sold off market or without being publicly advertised. This happens irrespective of the time of year, but ramps up in the lead up to Christmas. We’re always receiving messages, so if you’d like to more, get in touch with us.
Another reason sellers may have chosen to hold off advertising their homes until January is position. Not position in their street – their position on line. As new homes are listed, their listing drops down the list. When you’re paying thousands of dollars to advertise your home, you want it towards the top for as long as possible.
Hence, as we move into 2023, more homes will start to come onto the market. That happens every year and I see this year as being the same. We’ll start to see auctions happening again as well.
Let’s see what the Reserve Bank decide to do at their first meeting for 2023, on 7th February. Market sentiment regarding real estate and what the year ahead holds for property prices will start to become clearer once we know more about the RBA decision.
Also factor in the cost of renovating, building or extending a home, coupled with the limited availability of reliable trades, issues with builders and ongoing material shortages. These have all played a part in forcing many buyers to think long and hard about the viability of taking on a project. Good, well-located homes that are renovated and liveable now were hugely popular with buyers last year and I think that trend will continue into 2023.
If you have property plans for 2023, we’re here to support you on your real estate journey. Feel free to reach out and we’ll chat.
To book a free 30-minute consultation, simply click here and choose a time convenient to you. Alternatively, give me a call on 03 9686 2288 to discuss how I can help.
