International financiers expect a short and shallow slowdown
It was interesting to see that whilst some sections of the local media seem to be intent of being as negative as possible about the property market lately, the perspective from some international heavy hitters is quite different.
Just this week we saw one of the world’s largest fund management groups taking quite a positive view of the Australian property market.
The U.S. based Vanguard Group, which currently manages around $7 trillion worth of international investments, said that the current slowing in the residential property market is unlikely to turn into a sharp downturn, with a low risk of a sharp correction. Their expectation is that the slowdown is likely to be short, and shallow.
From a local perspective, we are continuing to experience a market where buyer demand exceeds the supply of available property for sale. This is producing some very pleasing results for our clients on a variety of property types, with the recent strength in the new townhouse market being particularly apparent.
Indeed, in the past week or so we have finalised the sale of another two townhouses in a new development of five in Newcastle Street in Preston (pictured). These two-bedroom residences have attracted the attention of a range of buyers from first home buyers to investors and downsizers, with positive comments being made about the quality appointments and the convenient location close to Northland, schools and trains.
One trend we have noticed in recent weeks is an increased sense of urgency among some buyers who are clearly very keen to secure their next home before the end of the year. So, if you are still considering selling in 2018, you might find that we have your ideal buyer sitting on our books and keen to make you a quick, hassle-free offer.
If you have any questions about current market conditions, feel free to give your local experts on the inner-North property market a call.
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