After all the debates, the campaigning, and the votes were counted the election is now officially run, won and done removing much of the ambiguity which had settled in the property market on the preceding weeks. In the weeks prior to the election itself there were clear reservations from both buyers acting on properties and sellers entering the market as both sides were cautious and holding out to see the impending outcome of the election. This is nothing new in the property market and has certainly been an attributing factor for the softer auction clearance rates over this period, hovering around 50% in the weeks prior to the election. With Labour now in the hot seat clarity has returned and both buyers and sellers have, albeit even slightly, a clearer idea of the road ahead as at this stage no policies have been created which directly impact the property market.


This would suggest that its back to business as usual however, following the election it remains that the supply of properties coming to market have continued to tighten. With a reduced supply of new properties coming to market as we approach the winter months this creates and interesting scenario as the market itself transitions. If the supply and demand metrics continue to tighten then the veracity of any price fall may be curved, or at least softened. This could provide an opportunity for vendors looking to stand out from the competition as would-be competing properties are held off the market.


In our discussions with buyers it is clear that the strongest motivation remains that of lifestyle, more specifically that of up-sizing for a growing family, down-sizing from the family home or relocating for work/schooling. The common trait amongst each of these groups is the demand for turn-key properties which require little-to-no renovation. Paired this with the rising interest rates and building costs/delays and it becomes obvious as to why such properties are receiving the lion’s share of competition from the, already reduced, buyer pool. On the other end of the spectrum development sites remain hotly contested due to prevailing returns on re-sale. One such site was that of 47-49 Fitzgerald Road, Ermington which sold for $4,200,000.


For sellers considering taking their property to the market it is essential to look at their property through the eyes of a buyer and to ask themselves what attributes of their home could be better prepared or accentuated to create greater appeal.


Another noteworthy transition to have occurred is the growth in the rental market which has seen demand increase sharply over the last few weeks. In a scenario very much reminiscent to that of the sales market of the preceding two years the supply of rental properties is simply not being able to keep up with demand. In our office we are seeing most of our rental properties lease within a week and even receive applications prior to the first open home.


If you would like receive an updated market appraisal and tailored marketing strategy for your property, I invite you to contact me. Should you also be in the market to purchase, my team would love to work with in securing your next home or investment property.

Prepared by Peter Hunt | Director | 0434 821 219