How's the Market?
It's a question I am asked on an almost daily basis. The question is simple; the answer is not. Property markets exist within markets. Even within the same suburb / postcode, there can be different markets. We can all think of suburbs where there is the "right side" and the side that you just wouldn't buy in. But it is more complicated than this. An influx of new developments can push up the median price, but this does not mean that the value if established properties has risen. A lack of stock on the market may contribute to a rise in prices, but this does not mean the trend will continue when stock levels increase. Stock levels may be high, but demand for that stock may be low - so the price for that stock will decrease, meanwhile the value of the property that would be in demand would increase.
Markets can be separated by location, price, dwelling type, bedroom number, size, style, old vs new etc. So when I am asked, "How's the market?" My answer is generally vague before asking more specific questions about which market, and which segment of the marker, the person is asking about.
Melissa Maimann is a Licensed Real Estate Agent and Buyer's Agent in Sydney. She assists home owners and investors alike with a responsive, accurate and affordable service that empowers property buyers to make informed purchase decisions. Melissa's service is diligent, efficient and accurate. If you need expert knowledge and advice for your next purchase, don't hesitate to make contact.