Thursday, February 06, 2014

What's happening out there?

So many sales, so many buyers out and about despite record heat, power losses and a stormy week. Tuesday saw interest rates on hold remaining at an historic low of 2.5%. There is a genuine stock shortage (houses available for sale) and a property market that once again is getting plenty of positive media across the country. Little wonder real estate agents have developed a spring in their step.

Much is also being said this week about the property activity of Chinese buyers in Australia, and Adelaide sellers are benefiting from the added activity of this community, no doubt about it! But let's be clear, it's not just the Chinese who have become active in our local property market, in 2014 the market has sprung into life!

Investors, first home buyers, apartment buyers and pretty much all categories of property buyers are back in town. Even developers have come out from under their rocks and are circulating the opens.

So will we see a boom?

2014 has started like a boom and Toop&Toop's decision to "open for business" right from the first week of January was the right one. January marketing has paid dividends for our sellers and we have witnessed an absolutely red hot market, as hot as the weather right now!

No one can predict if this level of demand is sustainable, but if interest rates, unemployment and property prices remain stable, as they appear they are, it may be a very busy year.

So where are the best buys? Personally I feel that our best buys are at the very top end of Adelaide's market. I believe our $2million plus properties are under valued when compared with all mainland capitals, and in that category Adelaide has a tremendous upside. It would not surprise me at all if our TOP END doubled in price in the coming 5 years. Seriously, how is it possible we haven't seen a $10million residential sale? My personal goal is to be the first agent to achieve a residential $10million sale in Adelaide for our top end property owners. Surely this is the year?

We sell amazing and historic estates for $4-5million, and frankly they are incredible value compared to all other mainland states.

For the $300,000-$900,000 property owners it has been a red-hot market in the inner suburbs and prices seemed to have moved in recent weeks. The statistics will tell the story officially in a month or so.

So to answer the age old question "What's happening out there?"….it's damn good for both sellers and buyers - fairly priced property is selling easily and both parties seem really happy - a very pleasant and exciting time to be involved in real estate. YEAH!

Anthony Toop

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