Winter Newsletter 2022

Name: Your Australian Property Buyers Agents
Price range: $

Hi Everyone,

The clearance rate remained stable again at 66% on 515 auctions according to the REIV for the week ending 31^st July 2022. Whereas at this time last year there were 559 auctions but the clearance rate was significantly higher at 88%.

The Reserve Bank board met last week on Tuesday 2nd August 2022 and as expected raised the cash rate another 0.5% making the new cash rate 1.85%. The Treasurer announced last week that he believes the peak of the inflation will be in the December quarter at 7.75% and then begin to gradually fall next year.

So, what does this mean for property prices? Currently, the pendulum has switched to a buyer’s market – meaning buyer’s now have the upper hand at the ‘negotiation table’ as auction clearance rates are typically sitting in the mid-60s%.

There are still many buyers in the market, however market confidence has plummeted due to some buyers not doing anything as they don’t quite yet have the confidence to purchase in the current market. Other buyers who have factored in the interest rates increases and unfortunately are price sensitive. Whilst there are buyers who are ready and willing to buy a property. These are the ones that could reap the rewards by buying at a significantly lower price, especially if we head into a market of falling interest rates next year.

Some auctions are achieving active bidding and others are passing-in. Many buyers are just waiting (hoping) for a property to pass-in and then negotiate. Although this strategy can be successful at times, this type of negotiation strategy can potentially backfire (especially if the buyer isn’t a confident negotiator or doesn’t understand how the post-auction negotiation process works), as the negotiation environment is no longer transparent (like an auction is) and sometimes can even trigger an auction after the auction.

Have a great week.

Best Regards, Zac Newbold Director – Your Australian Property Buyers Agents

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