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Proptech Carpool – Market Wrap ft. Matt King

July 15, 2019
We’ve got Matt King on today’s Soho Carpool episode giving his market wrap for the last 30 days. Matt also gives some great tips for buyers active in the market right now.

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Here’s the transcript of the video:

Matt King, you're not only the king of your Marketplace,
you also love Elvis Presley, the King. Take it away.
Thank you very much.
♪ Well, since my baby left me
♪ I found a new place to dwell
♪ It’s down the end of Lonely Street called Heartbreak Hotel.
♪ I've been so, I've been so lonely baby.
♪ I've been so lonely.
♪ I've been so lonely that I could die.
Thank you very much.
Heaps happening in your marketplace.
I guess, you know, post elections.
What’s the market wrap for the last 30 days?
I think the one thing that the Sydney market has in common
is that there is a renewed enthusiasm from buyers
and a change in sentiment across the board.
Everybody who I'm talking to across Sydney
is feeling the same way post-election.
And I think it actually
what's really interesting was it was an instant thing,
it happened the Saturday after following the election.
Everybody was sort of, felt that.
And the St George area, the Brighton-Le-Sands area
is certainly no different to that.
Yeah, so you just saw more, I guess, buyers
coming through the open homes, enquiries went up,
What did you actually see?
Great question. I think there was just, first of all,
there was a lot more engagement from buyers, a lot more interest
and it was different conversations than what we were having for
the last, probably, 18 months
which was really important.
Since then, we've actually seen numbers,
so we had this just past Saturday gone,
the highest number of inspections per property
since February 2018.
So we've sort of noticed a huge spike
in the average numbers per open houses.
Going in our marketplace from probably around, sort of, 8-9 people
coming through an open house up to, sort of,
you know, 12.5-13, which is a pretty significant increase
and that's happened quite quickly.
Yep. Let's say I'm a buyer at the moment,
I'm definitely looking at your marketplace.
What are the advantages of me buying at the moment?
I think that you know, look,
the market has is definitely in recovery mode
and how long, how quickly
all of those sort of questions are unknown.
What I would say to buyers is buy the right house now,
because whether the market recovers quickly or slowly or whatever,
we've probably seen the bottom of the market
and you can often get a better deal
but you can't always get a better house.
So if you find the house that you really like
or the unit that you really like,
you know now is probably the time to sort of,
jump on top of that and make a decision.
I guess for buyers, you know, do they kind of look at it like
"Hey, it's a big discount at that moment. I'm 10-15% off where the market peak was.
Who knows where bottom is’
Is that a, I guess, would that be running
through some of the buyers minds?
It’s got to be, absolutely. And you know, the thing about property
as you well know and as everyone knows, it's a long term play, right?
So buy the house that you want to buy
or the unit that you want to be
live where you want to live and wait for it to go up.
But certainly the time for waiting is probably gone
and you know just find the right property
and buy in because there are we definitely the start of a recovery
or at least that's the way it appears to me.
Soho
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