Director’s Market Wrap for July 2017

The Sunbury market generally continues to perform well with many

vendors continuing to enjoy record sales prices supported by reduced levels of stock, but with school holidays and the end of financial year in the rear view mirror, we’ve seen a mixed bag of results this month.

Some properties have proven insanely popular, attracting all kinds of interest and selling well beyond expectation whilst some (at the more expensive end of the market) have been significantly quieter. Why?

Although demand is out-stripping supply, buyers especially in the top end of the market are becoming increasingly discerning and savvy with high expectations around property presentation and value. Vendors who prepare their properties thoroughly for sale are enjoying the best results.

Many people believe they should wait till Spring to sell and so we often see an influx of properties at that time which can actually level off prices.

Vendors who are considering selling their property in the remainder of 2017 are encouraged to consider the Winter over Spring and Summer months and take a ‘first cab off the rank’ approach rather than selling in the stock heavy months, challenged with public holidays and sporting events. The reduced competition makes this an ideal time to list a property for sale.

These magic interest rates are not going anywhere and so, it’s likely we’ll continue to see growth in the lower end of the market, but my prediction is the top end will continue to tighten.

These upcoming weeks often deliver peak results for the year simply due to supply and demand and may end up looking like the peak when we analyse how 2017 unfolded.

“When will it all end?” This is perhaps the most asked question of the moment. There has been plenty of media speculation – and let’s agree that’s all it is, because nobody actually knows – that the market is due to crash, that prices can’t be sustained.

My advice? Sell if it makes sense to sell, buy if you can buy, don’t try to ´pick it´ – you’ll almost always fail.