Selling at the peak of the market is always the goal, as is buying at the bottom. But the only guarantee to timing the market is in hindsight.
Our sales results show us that there are still many buyers in the market and they’re happy to pay market price. But they’re paranoid about overpaying – and nothing gives them more confidence to buy than seeing other bidders in action. And we’re seeing this in our data…
If we take a snapshot of some of our sales in the Brisbane metropolitan area in the last quarter the results are compelling.
We’re broadly seeing that buyer urgency has tempered as most economic commentary points to risks in the economy, what is absent is the fear of missing out.
History teaches us that when the market changes like this, vendors and many agents will be reluctant to invest in marketing and commit to auctions. This is a natural defensive reaction, as marketing and auctions requires full investment in the sale process at a time when many are saying the market is more challenging.
But we know that this is precisely the time when both of these things are so critical to get the best result. They are the best way for us to create competition between buyers, and with no competition there will be no urgency from buyers.
What the July quarter is showing us is that there’s plenty of activity in the market provided that buyer competition is created, and they’re given the confidence to bid.
When a market is on the rise, time is your ally. Alternatively, when prices are falling, time is quite literally costing you. Our recent sales evidence shows that prices are holding… However, buyer confidence is changing – what will that mean for prices in 2023?
For more information on the current market, or to learn about our FY23 sale highlights, please get in touch with your preferred Ray White Commercial QLD marketing agent.