Thursday, February 16, 2017

The time is now… our market is energetic and exciting!

This time of year is one of our favourites... the city of Adelaide is buzzing with energy and excitement. The Fringe kicks off this weekend, and the Adelaide Festival, Clipsal500 and WOMADelaide are all on their way to our city's streets. What excites us the most is that this energy and excitement is flowing through to our local real estate market! 

Talking to our Sales Partners during the week, I noticed a trend coming through on their perceptions of the current market. Tim Thredgold from our Norwood team said, "I can't remember a time where the real estate market has been so exciting. The collision of different needs and wants of both buyers and sellers is creating a very interesting dynamic." 

Lew Toop from our Hyde Park team stated, 
"Right now we are noticing that buyers continue to be frustrated with the low stock levels and are quick to react to quality homes that are presented well and correctly priced, which is great news for sellers."

Across the state, Team Toop is experiencing this energy spike firsthand. Last weekend we saw buyer numbers rivalling the peak of spring, with 888 groups through our open inspections and this year we've had over 400 new buyers sign up to our ToopVault! That's an average of 57 hot buyers signing up each week to view properties before they even hit the market. 

We are also seeing Adelaide's most sought after suburbs receiving incredible attention. Recently, at a property in Norwood we saw 115 groups through on its opening weekend and at an investment-style property in Maylands we had 43 groups through its first open. In St Morris we achieved an exceptional auction result, selling in 4.35 minutes with a fierce bidding war between 16 registered bidders. 

So what does all this activity in the market mean for you?

For sellers... You are in a wonderful position to capitalise on great market conditions. The low stock levels prevalent for a number of months are creating intense competition. We are seeing examples of properties that had been taking three or four weeks to sell, now selling in a week or two and in many cases before they hit the public market. Grant Wills from our Hyde Park team states, "With interest rates at an all-time low, the number one comment from buyer enquiries over the past six months and still today, is of lack of available stock. It's creating stronger enquiries, competition for properties and generating great interest early in a campaign." 

For buyers... What it means for buyers at the moment is that those who are well prepared, have their finance in place and are certain about what they can do, will quickly leave others behind in the race to make a purchase. Buyers must be well organised and not leave anything to chance - be ready to act swiftly and decisively!

With the market off and running, and competition at an all time high, we encourage you to make the most of this opportunity to buy or sell. If you'd like to discuss how you could best capitalise on the current market conditions, please feel free to give us a call.

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