Lives are Being Changed as Property Values Soar
11 Nov 2021, Lynette McFadden
Have you ever just stopped in your tracks, so astonished at something you couldn’t understand it, let alone explain what was really happening? In the current market, I find myself in that realm weekly and while it’s exhilarating on one hand, it’s deeply unusual on the other - and it defies belief.
The property market, this market, the prices, the scale, the desperation, tears and joy.
Every human emotion is being played out. I’ve seen it all and not just in our own auction rooms but everywhere that property is being transacted.
To provide context and analysis, we review as a business - and a sales team - every auction (because that is where the magic is occurring) that we conduct over the calendar year. With well over seven hundred auctions, both expected and currently booked, it’s a big subset from which to deduce market findings.
And the findings so far include standouts, this week and every week over the past four months.
There’s the property in Burnside with three bidders that, after the announcement it was to be sold at $780,000, achieved $808,000 with additional bidding, or a 2-bedroom unit on Wilsons Road that had its auction brought forward at $435,000 and once it was announced as being 'on the market and selling' reached $700,000 due to the pressure of five bidders.
Then there was a Clyde Road property which was announced on the market on auction day for $1,120,000 and then sold at $1,425,000. To be fair, I could recount example after example of similarly exceptional results, as well as glowing testimonials from people who have felt their lives are now altered.
So could this all change and what would preempt that?
Increased interest rates are already occurring, more listings are coming to the market as owners hope that they too will enjoy the “Lotto win” sales figures experienced by others, and the government is legislating to allow for higher density infill housing throughout the city. So, yes to changes, but whether these alter the current picture remains uncertain. As the top real estate expert (C.B) says "There might be a small clip". Let's see shall we? In the meantime, I’m doing the best I can to hold tight and add value for owners and support for our purchasers.
It's busy out there!