Whilst there is still plenty of activity in the residential market we have noticed a few changes happening. As an example - there are more properties for sale. Buyers are pulling back from making quick decisions as the heat comes out of the market. The number of bidders on some properties in the auction room has decreased and we are negotiating more auction properties off the floor where we have not been able to get a purchaser to the reserve price. What does all this mean? It means we are moving back to what I would call a ‘normal’ market. Vendors need to be aware of the supply and demand rule – the more property available, the more competition for buyers for their property. Buyers, don’t get too complacent though – if you want to own the property, go for it!
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