With the shift in the market this year both buyers and sellers have had to adjust to what is the new norm – and what is that exactly? Well, we are seeing a small percentage of the market place remain stable, with the greater part of the market having to adjust and align their prices with the recent downward trend.
There is an abundance of media speculation around the market rising again or falling further. For sellers considering waiting for the market to rise again, we recommend being clear on your motivations as historically it has taken 7 – 12 years to reach the next peak, and selling in this market will most likely achieve a similar result in a few years’ time.
While good and well-priced properties continue to attract competition at auctions, others that are more sensitive to price are still attracting interest but just taking a little bit longer to get the sale over the line.