“Money is made in the buying”
I recently had the pleasure of hosting an amazing group of women in celebration of International Women's Day. Over lunch, I took the opportunity to give an update on the market, offering insights into making property decisions. I believe now is the perfect time to share those thoughts with you too.
Investing in property isn't about timing the market; it is about buying well. This doesn't merely imply snagging a property at a bargain price; it's about securing the right property for a fair price. The money is made in the buying. Seek sound advice, commit to your investment, and focus on quality acquisitions. Follow this process, and you will achieve success.
We expect a rate cut around November - December 2023 due to the current economic indicators. Should this occur, the market's response is anticipated to be swift. Evidence of this impending shift is already visible, with a notable recovery in auction clearance rates (averaging 75.9%* in CoreLogic Property Pulse 8th April) and an ongoing trend of competitive offers before auctions. Historical trends show a correlation between auction clearance rates and consumer confidence, suggesting an overall increase in market optimism and a closer alignment between what buyers are willing to pay and sellers' price expectations.
All of this considered, the market will be in a very different position by the middle of the year, assuming a more stable and certain economic environment is achieved. This shift will bolster buyer confidence, leading to a more dynamic and competitive market environment, which, in turn, will drive up prices.
My parting piece of advice.
Delaying your decision until interest rates drop or market confidence rebounds means facing stiffer competition and escalating prices. Talk to us today about what you're looking for; we can help you buy well.
Contact us today for a free 15-minute discovery call and we can advise you on how to secure your next property.
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