The local Real Estate market continues to surge ahead despite the pandemic
As we entered 2022, I think we were all taken aback by just how quickly covid spread through our community causing so much disruption in it’s path. You just never know what’s around the corner right now, so I think we have all become very good at adapting to the swiftly changing environment around us. Real Estate has been no exception, as we navigate ways to ensure buyer’s can view property virtually where they cannot physically attend a property inspection—our team will always find a way no matter what the challenge in front of us. We are also very thankful to work together as a team, with the ability to maintain our service levels should one of us be out of action!
Despite the pandemic, we have still seen record numbers of buyer enquiries coming through, along with excellent attendance rates at our open homes, the majority of which sell within the first week of marketing with fierce competition amongst buyers.
One of our most recent properties in Viscosa Crt, Cornubia for example had 117 groups through our Thursday & Saturday open homes, followed by a bidding war with over 56 buyers making multiple offers using our online platform that we have implemented to navigate the barrage of offers we are presented with in this intense market. We achieved an amount far exceeding the asking price guide and a whopping $310,000 more than we sold the property to the current owner for just three years prior.
We continue to be in a very strong seller’s market where new record sales are being set frequently.
Just a reminder if you are looking to sell, you must take your property to the online market if you want to ensure
you achieve the very best price out there. Whilst it may be enticing to accept an early offer before you have hit the actual online market, the truth is you will never know what your property could have sold for. And in this market, you could be losing tens/hundreds of thousands of dollars.
You should have at least one week exposure of your property to the whole market, not just the buyers on a particular agents personal database which is the case in “off-market” sales.
2021 saw the biggest increase in house prices that we have seen in decades. Our core suburbs have all achieved over 30% growth in median prices within the last 12 months. Shailer Park rose by 36.5%, Cornubia by 35.6%, Tanah Merah by 34.6% and Loganholme by 32.6%. With these value hikes, we have an increased desire for residents to find out the new value of their property.
If you would like an update emailed through to you, or an in person meeting to ascertain your homes new value, please get in touch.
Mark, Nicky & Nadine