Newsletter - Inner Circle March 2023
Inner Circle
Market News
We hope you enjoyed summer and are settling in well to the year.
Property has been in the news quite a bit lately so let’s take a look at how the market is travelling.
We ended last year with quite a few ‘overnight experts’ telling us property would be in free fall over summer and into the new year.
But it hasn’t quite worked out that way. Instead, what we are seeing is a market tracking sideways.
Home price declines actually halted in Sydney (and nearly in Melbourne) for the month of February but the numbers are still showing a fall over the last three months
Australian City Home Prices: December 2022 - February 2023:
So, why is this happening?
Put simply, while buyer demand is more or less constant at the moment, the number of properties on offer has fallen and it’s this automatic stabiliser which is putting a floor under the market.
Indeed, CoreLogic’s numbers show new listings are down 17.0% from a year ago and 11.9% below the previous five-year average.
The number of auctions underway in Melbourne and Sydney is down around 30% from a year ago as potential vendors stall their plans and wait for better news.
While the decline in stock for sale is holding up the market currently, don’t expect this trend to continue.
With more interest rate rises likely and hundreds of thousands of mortgage holders coming off very low set fixed rate loans, we expect the market to continue facing crosswinds for most of 2023.
Which makes the next nine months a good time to purchase a well-considered home or investment.
INTRODUCING OUR QUEENSLAND PROPERTY MAVEN: ANDREW VASILIADES
Property Mavens is proud to announce our first representative in the Sunshine State, Andrew Vasiliades.
Andrew comes to us after working as a fully licenced real estate agent for the last two years.
What sets him apart is his intimate knowledge of the south east Queensland market and his experience project managing property developments.
Andrew was a police investigator before his move to real estate and you can see that in his dogged approach to assessing the detail before recommending a property to clients. So, if you’re interested in securing a great home in Brisbane, the Gold Coast or the Sunshine Coast, get in touch with Andrew.
Finalist - 2023 Australian Small Business Champion Awards.
Property Mavens is delighted to be selected as a finalist for The Australian Small Business Champion Awards again for Buyers Agency of the Year 2023.
This Awards program is prestigious, recognizing small businesses across Australia for their achievements as a business and as a contributor to the local community.
The winners will be announced on the 29th April – wish us luck!
Why you need a Vendor's Advocate?
Wutti came to us to guide him through the journey of selling his home We advised him on which agent was best suited his needs and helped negotiate a private sale price $10,000 over the appraised range.
“I tried to do this in the past with so many mistakes; I wish I knew about vendor advocacy sooner. Property Mavens helped me with negotiations on issues I wasn’t even aware of. I have no hesitation in recommending this company”
Why first home buyers need a professional buyers agent.
"Navigating through the real estate market as a first home buyer can be very daunting. Deepti was feeling unsure so she approached Property Mavens and we were able to secure this fantastic property for her, $23,000 under the vendor’s already reduced price.
"Miriam is an outstanding buyer's agent. I felt I was in the driver’s seat with Property Mavens doing the heavy lifting of property and market research and helping me get very clear on priorities. She also connected me with a mortgage agent, building inspection and conveyancing.”
Lessons from our vault: Real estate investments must match the client’s needs.
Ruby was looking for a great investment option to help secure her retirement but she only had a small budget.
After being introduced to Property Mavens, we helped meet her challenge with a cash-flow positive property in Ballarat which would pay for itself and still achieve solid capital growth.
|
Purchased 2013 Identified |
$245,000, $25,000 below asking price $2,000 in hidden property repairs during due diligence Repairs completed and $500 rebated to our client thanks to our contract clauses |
|---|---|
|
Valued 2023 Capital growth |
$600,000 145% |
“As a single working mother, I struggled with the time and knowledge needed to explore this investment option. Miriam worked with diligence and competency to make it happen and I am in awe of what she did and how she made my investment come about.”
Love to talk real estate?
If you want to invest or buy the right home for your budget, or sell your property click here to book a time, or call us for a chat about securing your financial independence.
Sign Up to our Inner Circle Newsletter here.
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Giving back..
At Property Mavens we choose to give back to help create social change within our business model. If you use our buyers or vendor advocacy services, you will be helping to make a positive impact within the local and wider community.
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