Imran's Insight: Is the start of the year best time to buy or sell?

An interview with Kevin Mendes- Head Of Sales at Laing + Simmons East Group.

Imran:?In a previous interview with Kevin Mendes from Laing + Simmons East Group, we discussed why there was great opportunity leading up to Christmas to purchase a property, How many vendors wanted to sell before Christmas, how many agents wanted to clear their books before the end of the year, and also how the affects of supply and demand made an impact on the Eastern Suburbs/ Inner City market. At the start of 2024, we find out if the first quarter?is the best time to buy and sell real estate.

So what is happening in the real estate market across the East/ Inner City?

Kevin:?During the Christmas season, the real estate market experiences a significant decline in activity. However, by consistently staying in touch with our pool of potential buyers and closely monitoring the outcomes of property viewings and auctions, we can effectively assess the performance of the market at any given moment. This enables us to accurately determine the most opportune periods for buying and selling properties.

Imran:?From your?perspective, why is the first quarter of the year the perfect time to buy a home?

Kevin:?Interest rates remain a matter of apprehension, as banks have modified their lending standards, resulting in the exclusion of numerous investors. Consequently, this has instilled greater confidence among individuals seeking to purchase homes for personal occupancy. If you are considering a property acquisition in January, it is probable that the auction will take place in February. By following this timeline, you can facilitate a smooth transition and settle into your new home by the conclusion of March.

Imran:?From a your?perspective, what makes first quarter of the year?an ideal time to sell?

Kevin:?Being the first property to come to market in 2024 provides a significant advantage for vendors. It allows them to have a competitive edge over others. These properties will attract a large number of potential buyers during open inspections, as many people are eager to start buying early in the year and settle as quickly as possible. Depending on when the marketing campaign is launched, the property could even be the first one available in the selected suburb. By employing effective marketing strategies, the property can be promoted in surrounding suburbs as well, making it the first property showcased in those areas. This is highly beneficial as it attracts the initial and more active wave of buyers who are actively searching for their dream home.

Imran:?Does the start of a year determine the market for the rest of the year?

Kevin:?? The housing market is susceptible to various factors that can shape its trajectory. Two significant influences on the property market are the state of the economy and the prevailing interest rates. In late 2023, the market experienced notable changes primarily due to the interplay between supply and demand, as well as the negative portrayal of real estate by the media. Although it is impossible to accurately foretell the market's behavior throughout the year, these factors play a crucial role in shaping its dynamics. I am sure everyone will be watching the first RBA meeting closely.

"we can conclude from previous years that buyer confidence is likely to be strongest when the market opens with fresh yet limited stock, high levels of buyer demand and minimal media impact." ? ? ? ? ? ? ? ? ? ? ? ? ? ? - Kevin Mendes

Imran:?Every week more and more properties will hit the market, for the best opportunities, you need to be real estate active. More often than not, the people who keep their finger on the pulse are the ones who find the best properties to purchase or get a premium result when selling their home. ?

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If you would like to find out more about what is happening in your local market place, contact us:

• Imran Hamidi – ?0412 332 330
• Kevin Mendes – 0418 962 035