WITH some elements of the media exaggerating the real estate market conditions, talking doom and gloom based on some small corrections which have occurred mainly in the two overpriced capital cities, they would have you believe that the end is nigh, that is far from the truth, especially in our region.
Experienced industry professionals know that the substantial gains in property values over the last few years just cannot continue, and that the market always has cycles.
Our region has been relatively insulated from the small corrections seen in some parts of the Melbourne market with buyer demand still strong, especially in Torquay.
Sales are still happening, and will continue to happen, but it will just take a bit longer to work through the process.
This is mainly due to the banks tightening on what funds they will lend to buyers and the time it takes to get a mortgage approval, but there’s still a great appetite to buy in this region due to the lifestyle and what it has to offer, and buyers are willing to jump through a few extra hoops to realise their dreams.
As an agent, it’s about having the patience and know-how to deal with these challenges to ensure we can guide the buyers through the process, while having the correct skill set to get the highest price for our vendors.
The market we’re starting to see emerge is a market that I’ve experienced working in Docklands for more than six years prior to coming to Torquay.
A market where we must be on the front foot with all enquiries and ensure we’re equipped to negotiate to gain the best outcome for our vendors.
Another positive factor is the constant growth of Geelong through the jobs being created. Last year Geelong grew more than any other city in Australia in terms of population growth, this keeps fuelling the real estate fire here on the coast.
We are still seeing confidence in the local market and I have facilitated eight sales in the last five weeks through being proactive rather than reactive, there are still many keen buyers out there.
We are engaging with around 400 to 500 prospective buyers per month, putting us on the front foot with our vendors.
Melbourne has seen a decrease in the number of sales and prices fluctuate, but we’ve only seen ripple effects as opposed to the full force of the change, and as a coastal market this tends to be the trend based on history.
If you would like to know more about the state of play of the property market, please give me a call on 0477 774 271.