Agents are having to work hard for vendors but where the pricing strategy is right, buyer demand remains strong
- Written by Tim McKibbin
Last week’s rate rise will reinforce the subdued market we’ve experienced in recent weeks, which will likely continue through the rest of winter.
And yet despite the subdued activity, we’re still seeing outstanding results achieved, both in Sydney and regionally. Agents are having to work hard for vendors but where the pricing strategy is right, buyer demand remains strong.
Clearance rates are sitting at historical norms and some vendors will question whether auctions remain the best selling method.
The answer hasn’t changed: it depends on the specific property in the specific location, and the person to speak to is your agent.
Tight rental markets across the country, including New South Wales, have seen some suggest it’s a landlord’s market. It’s worth remembering the loss of income many landlords experienced through COVID.
It’s convenient but misguided to attribute rising rents to landlord greed when the heart of the problem is the lack of rental accommodation.
Supply remains the largest issue for Government and industry to tackle, and it also represents the biggest opportunity.
It’s a point consistently reinforced during the REINSW Roadshow, which has visited metropolitan and regional locations around the state over the last few months.
On the ground, local agents and industry stakeholders are deeply concerned about affordability.
The Census findings reinforce the scope of the issue. Supply remains the most important part of a coordinated solution and the need to address this is urgent.
