JPP Buyer Advocates: Current Market News

Market News: July 21

For the fourth weekend in a row I have been to auctions with more than three people bidding at properties on the market. There is a strong return of both investors and owner occupiers to the market place. Some properties purchased over the weekend sold at prices that may not have been attained in December last year. If we look at the media comment from most agents they are saying the same thing.

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Market News: July 14

The Herald Sun Money section has thrown out the "R" word. Recession means an economic slowdown, evidenced by two consecutive quarters of negative growth. We have the Reserve Bank on one hand holding interest rates where they are, whilst we have banks arbitrarily increasing them to protect their profits. We have speculators in the market place buying up oil and sending the prices through the roof, regardless of the fact the supply has remained constant, and in fact the northern hemisphere has lowered usage; probably because of the price increase. The lending for new building is down approx 20% and the Master Builders Association believes the new home market will be in the doldrums for the next 12 - 18 months at least. This is while the State Government is telling us we will need to build an additional 380,000 new dwellings to house the highest level of immigration we have seen in 20 years.

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Market News: July 7

Why aren�t the property market median prices in free fall?

We are in the depths of winter, the middle of the school holidays and a free falling world stock market!! The world financial experts are talking about recessions, Hyundai are talking about car sales dropping, the climate is changing and the Murray River is drying up. Yet property prices have remained remarkably resilient.

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Market News: June 30

Clearance rates this week differ in the two newspapers; maybe not all properties being passed in or sold are getting reported!! The Age with 477 Auctions, Clearance rate 65% The Herald Sun with 477 Auctions, Clearance rate 62% Either way, no big shock. School Holidays, Petrol Prices, Tax Time could all be weighing in on these figures.

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Market News: June 23

With clearance rates well and truly established in the low 60% range, we turn our focus on which properties are worth buying. Most people who do not have to sell at the moment � won't be. Those vendors that are putting their properties on the market are usually doing so because they are moving due to family or work commitments, or they are simply selling then buying (when exchanging properties it doesn�t matter what market we are in � what you lose on one you gain on the other side).

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Market News: June 16

After the long weekend�s lacklustre turnover, we were again shown that the market is not dead and buried. 67% clearance rate on 600 auctions is better than most of the results of the previous three months. The third week in March was the last time the clearance rate was above this.

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Market News: June 10

A 61% clearance rate over the long weekend from only 190 offerings is fairly symptomatic of the current market. There were also nearly 500 private sales - this is more encouraging. We are still seeing reasonable turnover in the market place, but much of it now is dependent on good negotiation and assessment skills.

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Market News: June 2

Another week of 64% clearance rates. Another week of agents saying that it is impossible to pick this market. Most media outlets have moved to call the market a �Buyers Market� and to some extent I agree with this. Most agents, however will keep telling us the market is fickle and that good properties are still commanding higher prices.

All of the above statements are true!!

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How to buy Property in Melbourne

The latest instalment of our ongoing series on good property buying: Before the negotiation

Whenever you are negotiating a deal, whether it is to buy a home or a refrigerator, you need to understand the rules of engagement...

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Market News: May 26

I don�t think anyone would disagree when I say; we are moving into a totally new era in Real Estate. Already we can see the two distinctly emerging trends in areas of Melbourne and Sydney. We can see that a proportion of the suburbs will show growth patterns ranging from 10%-15% per annum over a 10 � 20 year period whilst others will show 6%-10% for a similar time frame. Property prices are advertised at numbers that have little or no relevance to the final price or worse still, to the market value. The clearance rate has levelled out in the low 60% range and all the commentators are agreed we have moved into a buyers market. Buyers now need to get better representation and assistance.

And the need for better representation starts here:

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