Credit to original source: Realestate.com.au
IF you’re setting your sights on a new property for next year, then it might be time to reflect on 2019 and just how much the market has changed.
A nationwide downturn and low interest rates were the two big take aways and agents say buyers can make the most of conditions, but they need to act fast.
Real Estate Institute of Queensland Gold Coast director John Newlands said buyers had regained their confidence after a shaky start to the year.
Mr Newlands said since the election and banking royal commission, buyers were back out in force and realistic sellers could capitalise on their eagerness for buying.
“Lenders have settled and there are very favourable interest rates for buyers,” he said.
“Plus, the infrastructure being created on the Gold Coast is giving us more depth than what we have had in the past.
“Sellers have to be realistic and not think the prices will go spiralling up.
“It’s a healthy market (heading into 2020), they need to not be above the market but be in line with it.”
Mr Newlands said good marketing and presentation were key for vendors.
Director of self-titled agency Michael Kollosche said moving into 2020 there was limited stock on the Gold Coast market, which meant both buyers and sellers should change their approach.
“Buyers looking to acquire a property need to be a little more aggressive in their behaviour,” he said.
“It definitely feels the market is starting to move upwards, if they don’t act with haste they will probably regret it as they see property prices jump up and pay more for inferior properties.”
Mr Kollosche said low interest rates were a catalyst for sellers to hold onto their properties leading to a lack of supply and prices being slowly pushed up.
“We are finding with most sellers, the stronger interest is coming in the first three to four weeks (of listing the property),” he said. “Premium buyers tend to come out at the beginning of the campaign.
“It’s important they give strong consideration around price and method of sale when initially coming to the market. “