James Buy Sell Market News with Off Markets every Monday
This week in Marketnews, we’re covering published reserves, and in our opinion, they’ve been a complete success.
Yes, the market is still very difficult and prices are still falling, but the reserves themselves have worked.
Finding It Is Only Half The Job
Last week I told you I was back out on the trail, letterboxing Armadale for an overseas client. I said a few weeks ago the off-market wasn’t performing, and I hoped to be proven wrong.
Well, the phone has rung.
150 letters. Four responses. One property now of genuine interest.
Clearance rates are in the high 50s. Bidders per auction are in the low ones. Both numbers say the same thing. The market is still falling.
Give me somebody with a $3m house who understands they may get $2.8m, while there’s a good $5m house down the road we can buy for less than $4m?
Professional conversations. Some positive outcomes. But every one was difficult. A successful week.
Three Solutions: This Could Be a Great Market for You as a Buyer
be you a doctor, finance professional, mum and dad, business executive…be you someone slightly contrarian and has to as your kids haven’t stopped growing and/or is willing to act.
Because in this market, perhaps more than we’ve seen for a long time, knowing the true value isn’t an interesting discussion.
It is the deal.
You don’t need the old market back.
You just need to understand the new one.
And use it well.
So Where Is The Market Now post Budget?
The market is weak, but feels like the falling may be flattening a little.
At the top end above $10 million; activity is extremely thin, if not non-existent.
At the lower end, around $1 million to $2 million, demand remains relatively strong for A and even B-Graders. C-Graders nope!
In the middle market the $3 million to $6 million space that we focused on this week; it is very precise.
