my question is directed at real estate agents operating in Queensland (particularly the Sunshine Coast, Cairns and the Marlin Coast).[biggrin]
In talking to a few of your colleagues, it appears the heat has substantially gone out of the market. The massive price hikes are a thing of the past, property is not snapped up as soon as it is listed, and sellers need to be more reasonable in firstly setting the price for their property and secondly, during the negotiation phase. Is this an accurate assessment.[comp]
Apart from your own experience, what data do you draw on to support your position. Where do you see the market going — stabilising, down, up????[blink][blink][blink]
Thanks for your response.
Helen[cap]MonopolyMember@monopolyJoin Date: 2004Post Count: 1,612
I know you are directing your post to REAs, but can I just add my 2c in for what it’s worth???
It’s winter!!! Wait till the warmer months come along, people will be out and about, and it may not send house prices soaring, but there should be an increase, as people resurrect their (up till now hybernating) desire for that elusive “sea-change”!!!
Well, that’s my prediction anyways….if you look at overall clearance rates (sales) the warmer months tend to be more positive.
Okay, back to the REAs………..[blush2]
as I am interested in purchasing now, it would be great if the market was easing. Better a buyer’s market than a seller’s market.[sunny]
Helen[cap]yackMember@yackJoin Date: 2003Post Count: 1,206
I reckon its slowly turing to a buyers market. Hopefully rates will rise soon. It has twice in the US since our last rise. I too am looking at purchasing in the future.
Better opportunities in the next 12-24 months. I am saving my pennies now and consolidating loans.
your opinions are valued. Why so silent???[blink][blink][blink][blink][blink][blink][blink][blink]
HelenJetDollarsParticipant@jetdollarsJoin Date: 2003Post Count: 2,435Originally posted by elika7264:
your opinions are valued. Why so silent?
Most of us here maybe watching the Olympic, so it maybe quiet for the next two weeks.
I think now is the transaction from seller markets to buyer markets. As I am now having one of my property on the market so hoping for holding on the selling market for a while.
If I don’t get what I want then I will hold on to it.
I think it will be a better buy in the next 12mths because people seem to wait at see at the moment what RBA is going to do. If rate will rise next month, you will a lot more buyer looking for bargain.
“Ask and you will receive. Seek and you will find; knock, and it will be opened to you.”secretgnomeMember@secretgnomeJoin Date: 2003Post Count: 33
I was working in a real estate agency recently and I can say that basically most sellers have got way too big expectations, compared to buyers, and the market is slowing.
A lot of properties are stagnant atm and they’re not moving very much. But mind you, working in RE for a bit teaches u a lot about the difference between good and bad agents!
Anyways, the general consensus I was getting from agents was that sure there are seasonal differences in how fast the stock moves, but when it gets to warmer months I can’t see the properties selling much faster. There’s too many grossly unrealistic sellers atm.thecrestParticipant@thecrestJoin Date: 2004Post Count: 992
I “think” there’s a lot of uncertainty around at the moment, what with the looming election, RBA rates, 2.25% anti-investor Govt initiatives, and changing auction clearance rates . . . .
but I’m not sure. [confused2]
thecrestemcdonaldMember@emcdonaldJoin Date: 2004Post Count: 162
I am in real estate on the SouthSide of Brisbane, I have previously worked in Mitchelton (north west of brisbane) and have had some experience ( but am by no means an expert) with the housing market at Noosa through my Principals who owned another agency at the Sunshine coast.
The most honest analysis of the market at present i can give you is that today buyers are more discerning meaning that they are not feeling pressured into signing on the dotted line the same day as looking at the property. Our OFI numbers haven’t dropped in last six months meaning that we are still getting people through the weekly inspections. The time on market (this is relevant only to my area) is on average 6 to 12 weeks compared to around 2 to 6 twelve months ago.
My experience is that prices have ‘levelled’ and i am finding that i need to educate vendors to the fact that after experiencing the 20% and 30% rise in property values per year for the last 2 years we are now in a period of ‘market adjustment’. This is where properties are still turning over at good prices, but if the owner is looking for a quick sale they sometimes need to be realistic with their listing figure so as not to alienate a more discerning buyer base.
Having said that though a major influence on clearance rates has been the media. Proof of this can be found in the fact that if the Courier Mail publishes an article on Interest Rate Rises or Property Bubbles Bursting we see a lower turn out at open homes for that weekend and generally get less offers. The same is also true for the weekends when we see headlines such as â€˜interest rates steadyâ€™ and â€˜growth set to continue for SE Qldâ€™.
As for how we track the data, I prepare a monthly report on all houses for sale within my area with all agents. This report contains:
* The first listing price of the property
* A brief Description of the property and its address
* Number of days on market
* The lowest, highest and average listing price of the properties for sale for that month
As properties sell they are then put onto the Recent sales section of the report (with the new owners permission of course) which shows:
* brief description and address of the property
* The lowest highest and average sake price of the properties
This is how I keep track monthly of what is happening within the housing market in my area. It allows me to roughly calculate days on market, selling prices, listing prices and price adjustments.
If youâ€™re particularly interested in a certain area I would recommend you speak to the local agent and see if you can obtain a copy of their version of this report (commonly called a Current Market Analysis or CMA) they should provide this service free,
Alternatively why donâ€™t you start your own? You need to commit to at least four months of tracking sales and watching on realestate.com.au or driving your area looking for signs, that way you make the most informed decision and itâ€™s not tainted by any RE agents trying to flog off properties to you.
Anyway hope this helps.
E xdavid e-noosaMember@david-e-noosaJoin Date: 2004Post Count: 27
I peeked at E.Mcd’s profile and if the age is correct you will have a long and happy life in real estate, wise beyond your years.
I think this has been replied to quite well but will just second the thoughts of some.
The market in our area is steady, level market and the rise stopped about mid November but only the astute would have picked it that early (read those who have seen it before) We are selling well but with a lower number of sales per month owing to lower buyer enquiry per month. Buyers are taking longer to decide, we have had a “auction” type sales frenzy for 18mths, get it before someone else does. Sales prices are higher hence commissions per sale are higher so it balances out for us although that does not help the sellers.
But this brings me to agree with other members yet again. Its the sellers in most cases who have caused this to continue by good old fashioned greed. Many waited too late and came on the maket after the bubble had burst, they held on hoping to get the highest profit only to wait too long. In most cases the market changes almost over night (did the same in ’95)
Its also inexperienced agents (and I use that term loosely as most are “registered sales people not in fact agents, being one who is fully licenced”) who now, finding the market has changed have resorted to the good old “lets buy the listing” approach or tell them what they want to hear and get the appointment to act signed regardless of the price and hope to get the seller to a selling price during the 60 days. This is not how I suggest someone looking for a long term career in real estate to act.
IF agents keep their heads and have the (sorry ladies) balls to tell it as it is they will correct the market and sales will begin again.
But alas I fear this will not happen whilst the few that exist in every township with less than the required amount of integrity still go about their work.
Would I buy now ?
Probably would but only for personal use not for investment in the end of the coast.
One more thing, why would some wait for a buyers market when they slept though the best buying time this decade. They waited too long and its inevitable they will miss the door handles that pass then next time also.
ps life if full of door handles, they pass us many times in our life but most are too slow to see or catch them.
Hesitate and you lose or you snooze you lose.
thanks to Monopoly for heading me here.
Licenced Agent/Sales ManagerDerekMember@derekJoin Date: 2004Post Count: 3,544
If you are wanting the quick gains of the last couple of years then don’t invest now – if however you are a long term investor, don’t overgear, research your market and have the capacity to ride a couple of small interest rate rises then a quality investment purchase should be considered.
Property Investment Support Available. Ongoing and never stopping. PM welcome.MonopolyMember@monopolyJoin Date: 2004Post Count: 1,612
Thanks for coming to the thread; I knew you could extend some valuable information/insight in replying to Elika’s (Helen’s) questions, as you are both in the industry and in the area she wishes to purchase. That is why I hunted you down in Somersoft!!! [lmao]
Hope it helps, David knows his stuff; not that the others have not made valid points; I just thought he could be of some added value from an agents perspetive (as you requested).
P.S. I have to agree with you David, I have communicated with emcdonald and I hope that her enthusiasm and love of RE continues; she is quite versed in RE matters and IMO she is truly inspirational for one so young!!! [medieval]