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Property Market Update

By Michael Smart

Despite some of the doom and gloom publicised lately in the media, Ray White Cannington has been experiencing strong buyer demand for all types of property in and surrounding suburbs near our core area Cannington over recent months.

Sellers need to understand though, that it is definitely a buyers market and that if your property price is not competitive compared to other similar property available, then it is more likely than not to sit, attract little enquiry or interest, and have a very hard time selling or attracting offers.

Buyers are looking for value, they are extremely spoilt for choice, and will pass by a great property opportunity if there is something that presents better value for money elsewhere.

However, it is still a sellers market if your price is competitive, as all buyers in this market are seeking the best value and are drawn to those properties first – there are plenty of buyers out there looking for value! We have experienced several sales recently where properties that were on the market without attracting an offer for several weeks attracted multiple offers to present to the seller after a 5% reduction in price was agreed. There were buyers who actually missed out on properties because they tried to negotiate too harshly and were left disappointed. Educated buyers and sellers are achieving their goals, whilst many others are blaming the market or their agent when they don’t achieve offers or a successful result.

I have been through all this before when values did not increase between 1991-1997 after the boom in the late 1980’s, but those that purchased during this time reaped the rewards of capital growth in the next cycle.

When is the next cycle? If I knew that then I would be retired wealthy already, but I am as sure as night follows day it will come, and those with a long term attitude to property investment will reap the rewards again.

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