Well well well, if you believe most emails that were blurted out today from agents and buyers agents it would seem that ‘buyer activity’ has increased in recent weeks and the market is sprouting ‘green shoots’ whatever that means.
That’s right folks, DM Friday reality has entered the chat. So sit back, pour yourself a stiff drink and let me tell you how it really is out here in the Sydney property market…reporting live on location and taking fire.
Before I do this I thought I’d make a disclosure (and not many people know this) a few months ago I started a private WhatsApp group with a select few agents called ‘Agents Anonymous’. (Don’t panic and drop your afternoon coffee friends…I always protect my sources). I did this to create a safe space for agents whom I respect where we could share intel, brainstorm strategies and have a place to go to get some often-needed moral support. I’ve always pictured a dimly lit school hall where agents could walk in, take a chair, tell their stories without judgement and know that they are not alone.
But boy oh boy, that private chat sounds A LOT different to those emails that you are getting in your inbox and I find that duality at times very hard to reconcile. To the agents out there and in that chat that have the courage to be truth-tellers at the moment I salute you.
Fact…right now it’s a very a tough market, but it’s playable.
It’s not all bad news, there are buyers (fewer than normal), there are sellers (fewer than normal), yet the market continues to slowly tick over.
There is a sort of crisis of confidence at the moment and some people are gripped with fear and whilst that’s understandable there are also opportunities.
If you think Warren Buffett knows a thing or two about markets one of his most famous quotes is “be fearful when others are greedy, and be greedy when others are fearful”.
I’m not going to sit here and say we have hit the bottom because maybe we haven’t but what I will say is that if I had a need or desire to buy property at the moment I would definitely be out looking and if I found the right property I would buy it.
Who would have thought six months ago, things would be as they are now? The lesson in that is that things are always in a constant state of change. I’ve worked in real estate for over twenty five years and the surprises keep coming, this market will turn…the question is when. No one can answer that.
We have some great properties on offer, it’s going to be a cracker of a day…hope to see you on the circuit.
Until next week,
David Murphy