It appears that the current trend (more competition between properties than buyers) is going to continue. When this happens sellers are on the back foot and buyers especially those who come to the crease fully prepared can expect to get a few past a nervous batsmen; the vendors in this instance.
So much for the openers....... the problem facing sellers for the foreseeable future is maintaining averages so a drop in auction clearances is quickly followed on with a corresponding drop in prices.
There is an upside and this is that more buyers may be tempted back into play.
Here endeth the cricket references.
The smart players (sorry) have waited for this to come and they know that the market is easing; if this is you, you’re in the box seat. You’re only problem is finding the right property at the right price.
If you’re up to date you will have heard of NMD Data which lists distressed property such as Mortgagee, deceased estate, ex-government, military, commercial receivers, administrations and liquidations at nmddata.com.au.
Historically these properties are perceived as bargains even when there is fierce competition between buyers; but now with a clear tailing off in demand exceptional value is available for those who prepared earlier.
The vendors in this space are not emotionally attached to property and have a clear mandate to sell...they are required to realise debt and costs and as the market dictates, accept the best price to cover themselves.
According to John Kovacs (Managing Director NMD Data) they’ve been tracking a steady increase across all their categories over the past 6 months and predict a further 6 to 12 months of the same conditions.
With this said; now is the time for those who are serious about property and are thoroughly prepared to get into the game.