McGrath Real Estate Agent Alex Mintorn gives us his Market Wrap for June and discusses what he’s seeing for the market.
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Here’s the transcript of the video:
Alex Mintorn, thanks for joining the Carpool series with Soho. - Good to be here. Yeah, I guess post-elections, market wrap: What's happening in the marketplace? What are you guys seeing? - It’s chalk and cheese. So this is a very conservative area in the upper North Shore, being Wahroonga, Turramurra, Warrawee. And a lot of high-end property. A small proportion of the market is investor, but also a lot of families where there might only be a sole income and which might have been affected by what had happened in the election. For example, if Labor had got in: negative gearing and affecting someone's portfolio. So it was, for a lot of people, buyers in particular as well as sellers that wanted to put their property on the market, it was all on hold until a decision was reached. And thank goodness that in this marketplace, particularly with negative gearing, you know, the conservative party won because since then, since the election, it was decided that the market is chalk and cheese. All of a sudden there's confidence, urgency’s back. People want to make a decision, like life moves on. - Yeah - And it's trading. Yep. So guess what are the buying opportunities at the moment that you're seeing from potential buyers looking at your marketplaces? What are you seeing? Is it a good time to buy? - So I think there's still a lot of value in the market. So where prices are now at the moment compared to where they were at 12-18 months ago, the market might be off anywhere between sort of 10-15 percent. So, you know your buyer that wants to move up here because of the schools, they're prioritising education. That top end property, you know, there's an opportunity to buy it for 10-15 percent less than what they might have been up to pay 12-18 months ago and that being said, the buyer might be local and living in the area already so that's a significant saving that they make on an upsize for example. You know, the problem that a lot of my clients have that are trying to buy at the moment. It's just that there's not enough property on the market. So, you know, it would have been amazing had we had an election and we got straight into the Spring market because people's plans to sell the property would have freed up a lot of property and there would have been a lot of transaction but the the issue that we face at the moment as we go into Winter, which is that the most ideal time to present your property given him the weather, but that being said, the appetite is there, so there is this pent-up demand. It's almost causing a secondary market of properties that are available off-market. So we've sold 4 properties off-market in the last 10 days. Properties that are listed for Spring starting August-September that we're starting a, still a formal off-market style strategy, but you know, just to satisfy that demand.
