The current real estate market can be characterised as ‘stable’. Overall, there has been a slowdown and this is creating a more constant situation, where buyers have more time to make decisions. The sense of panic that we witnessed as recently as six months ago is no longer present, and the buying and selling process is more considered.

We continue to see good results, with property prices remaining strong; but the heat has come off and we are not seeing quick sales or super-inflated prices. Overall, vendors need to adjust their expectations to this market and understand that the FOMO ethos of the last two years has now moved on. But sales prices are positive, excellent results are still being achieved, interest in properties remains strong, and the market continues to hum.

Properties are taking a little longer to sell in comparison to the last two years, and in many ways it feels as if the property market has returned to a more normal situation. This is also reflected in the average time on market, which is now a far more typical three-four weeks.

Like most markets, property supply is sporadic and tending to arrive in dribs and drabs, but those that wish to sell are genuine and there are solid opportunities to purchase good properties.

There are now less people in the buyer’s pool. The covid exodus has concluded and buyers from Sydney and other capital cities have diminished. Most buyers are local people, with some rare exceptions. This is another example of the market returning to more normal times.

In many ways, our market is caught up in a much bigger chain reaction, where sales have slowed in Sydney, and this means less people are buying in Byron and Suffolk Park, and this then affects the local buying pool and has a bearing on our market.

There are also many other outside factors contributing to our market, such as rising interest rates (see right) and the federal election. In the lead up to an election, real estate typically slows down as people grow more cautious and wait to see who wins government and what this can mean for their personal circumstances. This is despite the fact that the outcome may have little direct affect.

Investors are currently sitting on the sidelines of the market, waiting for opportunity and looking for bargains.

Read more in my Winter 2022 newsletter . . . .