If there are so many listings…where are all the good ones!!
I read in the media this weekend that there are a record number of listings, up significantly on last year, but that's not hard, only those with a death wish were selling this time last year. Although nobody knew just how long the downturn would last, I am sure most are surprised to say the least at the quick comeback but don't be fooled, we are still injured. You could say the world economic crash was like a consatener car accident, a lot of people involved and no one really got out unscathed, but some were injured worse than others. The medical treatment that the Australian Government has administered to the economy has meant we have pulled up a lot better than others and in a quicker time frame, it also helps that we were young and in good physical shape before the accident.
What does all this have to do with properties that are listed on the market? Well for someone in our business who is out there in the trenches of the property market day in day out, we are not seeing any marked increase in the levels of quality properties for sale. So if we do not see great amounts I can only imagine what the average punter is seeing, and we do share there dispare, as they are coming to see us fed up and frustrated with the whole property buying process and trying to understand where the market is actually at. What does this mean for growth? We think steady as she goes, as if the latest figures are anything to go by, the supply overall looks to be keeping the demand in check. Well that's the theory anyway.
The explanation is that most of the good properties are being tightly held by their owners who are madly trying to pay down the mortgage or do improvements to add value while interest rates are low. The remainder of good ones are being snapped up either prior to the general public seeing them or as they hit the market and/or internet. The common thread I hear is, "We found a property on the internet Wednesday night and called about it on Thursday morning but it was sold!!!" And now for the depressing news...We do not expect this to change anytime soon.