Hey all
called a few agents to inspect properties etc- a lot actually decided to meet up during the day time at my convenience. This was as opposed to 1 month ago when emails etc would be left unanswered and they'd just wait for the open day
Anyone else have same experience
Anyone been to an open house and less people are there?
(Live in melbourne)
could it be a reflection of the housing market?
Yeah, the northern suburbs are still bonkers at the moment.
Down down down boom 😷
Less Real Estate Interest
Interest rates are going up I believe
Having been seeing it also, Real Estate agents actually responding back to me, and sometimes actually answering answers besides "come and inspect first". Also seen a bit of a drop in prices as well in the suburbs I'm interested in (maybe $20k drop) and being told "oh feel free to put in a lower bid and lets see how it gos". But I've also seen less market as well (less places available, less sales overall etc).
My guess from a Real Estate point of view is maybe some owners are waiting to sell after the discussion about the increase of interest rates has died down, which has left agents with less to sell.
Noticed it in Sydney. Far fewer people attending viewings as well as auctions than few months ago.
Also higher number of auctions failing to meet reserve prices and being passed in whereas would exceed that previously.
Sellers still trying to attract top dollar prices based on previous area performance but certainly seems like the demand just isn't there anymore.
Also there's a lot more listings with actual guide prices now instead of just annoyingly saying "Auction".
Even mortgage broker is chasing me to ask if found anything and says demand has plummeted so they're trying to get sales.
Same here. I can confirm this.
It's usually like this around election time and winters. And things pick up again in august. I've always found May and June to be the best time to buy a there is less competition from other buyers. Cheers
Let's not forget the last couple of elections weren't accompanied by a rising interest rate warning.
The central banks have to pivot sooner or later and that will send prices up again.
The best thing for vendors to do is to hodl.
sooner or later
Big difference between the two and it's impact.
The 💪 vendors will hodl and get rewarded while the weak will fold and regret it later when they can't buy back in.
I'm getting cold feet, I don't see many people at the openings anymore.
My dads a realestate and it really depends on the realestate themselves but he did mention there has been less interest
My dads a realestate
Is he Sherlock Homes?
Rapidly cooling housing market means the real estate agents for the first time in 10 years actually have to do something and value add to sell homes.
No longer can their arrogance cut it. They standing between you and an asset that is rapidly dropping in interest as no one wants to catch a falling knfie.
I think this is just the tip of the ice berg for sydney and melbourne.
Once democracy has spoken investors will come in again.
Cant wait to watch people that think they can sell their house for a fortune get burned
People should do whatever it takes to hodl for the long term to get rewarded with higher prices.
Interesting figures on auction clearance rates in capital cities - https://www.domain.com.au/auction-results/brisbane/2022-05-1… . Sydney six months ago (13/11) 75%, yesterday's clearance rate 57%. Melbourne dropped from 73% to 62%, Brisbane has dropped from 86% to 64%. Adelaide is the stand-out performer, with a clearance rate of 80% six months ago and the same yesterday.
The interest rate rise, and the expectation of more to come, has started to take some heat out of the market.
Vendors should stop selling to create a supply shock.
They're in a rush to sell now. I've seen a few poorly presented houses for sale that clearly haven't been finished but the owners want out before the market drops.
Panic selling are weak 🙌 that didn't have a proper plan before FOMO.
The smart 💵 are hodl.
listings have dried up in my search areas. Seems vendors are bunkering down and buyers are also playing the waiting game. Not much activity atm.
Maybe people are foregoing The broken Australian Dream for rising living costs…..
Went to a few opens today, 3 groups at each. Several auctions haven't sold, REAs either haven't made a sale or price wasn't great.
The only people I saw out were investors
In Adelaide