I’m the first to admit that it’s low-hanging fruit to talk about the rain…but seriously? Despite the team getting some great runs on the board week gosh it’s hard to stay chipper in this ghastly weather.
The market, so what’s happening? Well, we are seeing an increase of buyer enquiry and whilst there are good results to be had the ball isn’t exactly coming onto the bat.
An example of this is on Saturday, we had an auction with six registered bidders but it was a slow grind. We got there in the end but to use another cricket analogy it was a sticky wicket. Some buyers are being very cautious at present and seem conflicted about whether they wait and see or act now.
It seems to me that the rate cut was more of a relief cut for buyers (and owners) but it hasn’t been a gamechanger and fair enough too. 13 rate rises versus 3 cuts probably tells you the story.
Lazy agents are getting killed at the moment with many campaigns flopping. Gone are the days of over-promising, doing a few opens and letting the market do the work for you. In these conditions it’s all about getting on the front foot (honestly I had no intention of this newsletter sounding like it was written by Richie Benaud but we are here now).
Notwithstanding any major global catastrophes (highly possible) I think we are seeing the early signs of the market finding its feet. If I was a buyer right now I’d be trying to buy right now, waiting for another rate cut and more competition doesn’t feel like a good game plan to me.
That’s it from me this week, bring on the sunshine – we have some marvellous properties on offer at present…hope to see you out there.
Until next week,
David Murphy