Think back 18 months ago (or near enough to it), when COVID first entered the Australian psyche, people were worried about what could happen next and the property market hit what felt like a full stop, with fears of a freefall.
Many owners withdrew their homes, others dealt with offers quickly, and some buyers took the opportunity (fairly) to make some cheeky (read: ambitious) offers in an uncertain market. There were plenty of risks in the air at the time, though for those that successfully secured property in that first flush, there have been rewards – given we are now over a year into our first sustained growth cycle in over a decade.
While recovery kicked off, boosted by Homebuilder and slashed interest rates, we still saw our fair share of hesitation through the rest of 2020, with the sound of borders opening and shutting almost mirrored by wallets, as buyers went quiet each time the spectre of restrictions or another wave reared its head. Things didn’t go backwards by any stretch, but there were certainly short stops and starts. Again, your timing as a buyer could yield dividends.
Where early 2020 was a great time to be opportunistic though, late 2021 is not and the time for the cheeky offer has (sadly for some) passed for the time being.
2021, for all its failures and disappointments (particularly if you’ve been planning a wedding!) has shown remarkable consistency when it comes to selling property. Demand has remained high, supply tight and while the majority of the country has been locked in (or locked out), people have had enough time to get used to their realities and sight-unseen has become closer to the standard than the exception. Almost invariably, any time we step back to say that x price has seemed high, 3 or 6 months later we’ve been proven wrong as the benchmark is re-set. An excellent case in point – I am seeing properties which were withdrawn for sale in 2019 now selling for up to $100,000 more than the price they COULDN’T GET then. As always you can still be TOO ambitious, but ambitious and realistic are getting far closer.
A buyer is always entitled to adopt their strategy of choice when it comes to securing their next home or investment, and there will always be some sellers that DO need out and might be willing to take less for a quick exit. But for the majority? We might all need to dust off our “best and highest” offers – or risk missing out once again.