We had the pleasure of carpooling with Adrian Tsavalas from McGrath Newtown on today’s episode. Adrian gives us a Market Wrap for Newtown of this past June and what he’s seeing in the market.
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Here’s the transcript of the video:
Adrian Tsavalas from McGrath in Newtown. Thanks for joining the Carpool series with Soho. - Thanks for having me, Trent. Heap’s happening in the marketplace, definitely post-elections. What's a bit of a market wrap for you guys and what you're saying? Day of the election, I think a lot of buyers made the decision that this is the best time to buy and I agree. You’re buying today, you're buying at a discounted rate, and probably saving yourself 10-15% based year on year. So there's definitely a spring back in the step in the marketplace and a lot more positive energy at Open Homes. So I guess you’ve see a lot of buyers over the last 3-4 weeks What are buyers saying? What are some of the opportunities that you would see for buyers at the moment? Well numbers are up at Open Homes, you know, a busy first inspection would generally be between 15 and 25 groups if you go back over the last year or two. I've had a First Open recently with 89 buyers through the door. So I've never seen that, totally blown away and over four weeks I’ve had 250 buyers through the door. So the barometer used to be around 100 coming through. Now buyer energy's great at the moment. People are eager to get their hands on homes. Make offers early, buy before auction. Rather than being worried to overcommit and be too excited by a proposition, that energy’s changed which is great. So I guess market predictions in the back end the year, obviously buyer confidence has come back, probably more vendors going to come to market, especially towards the back end of the year. How are you seeing the second half of 2019 panning out? I think that there's some great opportunities for buyers, you know, before a lot of these new discovery-phase buyers that have just started looking from election onwards become transactional, it could take them 3-6 months to start writing, you know, signing contracts, so the buyers that are in the market now: great opportunities. And with vendors. My advice to you is, a lot of these buyers are going to be shopping more on value. So if you’re taking out good value to the marketplace, your property’s well presented, well marketed and handled by a good agent. You could be pleasantly surprised come auction day with the outcome that you end up achieving. Contact details if I'm a buyer, a seller, or even a tenant, how do I get in contact with you? Just google Adrian Tsavalas at McGrath Newtown 0451 631 875 if you want to give me a call. Thanks for having me today. Thanks for joining the Carpool series. - Pleasure. Thanks mate. - Excellent.