The first quarter in a new year is such an exciting time. If any of your New Year’s Resolutions or 2023 goals involve property, you may want to understand a little bit more about the Game of Property and how to play this year.
The Board
There is no denying that the level of urgency for both buyers and sellers has decreased. So, what does the game look like and what direction is it heading in?
Days on market remain relatively low, with demand far outweighing supply. Interest rates have been on the rise but are expected to remain stable throughout 2023. The region also remains in a rental crisis, due
to the high costs of construction, supply chain issues and a shortage of labour and materials. All these
factors make it an exceptional time to play!
The Players
It is important to know who else may be participating in this game. In terms of Buyers, they are always motivated in the first quarter! Investor interest is still strong, as is interest from Southerners participating in the ‘Great Migration to Regional Australia’. First home buyers who believe in ‘time in’ market, not ‘timing’ the market are still present. Additionally, downsizers are a lot more willing to play, as they will still achieve a great result for their sale, whilst not paying a premium for their new abode.
For Sellers, those who are solely profit motivated are eager to play, as properties in highly sought-after suburbs continue to sell quickly, and sales prices in general remain high even for those properties spending longer days on market. The remaining players are most likely those who have been impacted by a life event, including up/downsizers, separations, re-locations, and investor retirees.
How to Play
It is recommended that you speak to your trusted Real Estate Agent, ideally three months before you are ready to sell. They will complete a sales appraisal and present you with marketing strategies and recommended property improvements to ensure you achieve the best result, without overcapitalising.
No matter how you play the game, 2023 is shaping up to be a brilliant year for property!
Click here to read ‘5 Minutes With… Shannon Willcox’.
