Wednesday, November 09, 2011

Curtain comes down on 2011... has the boom returned?

Last weekend you could have been excused for thinking the market had changed and it was party time again for real estate. Toop&Toop again had an incredible weekend with 7 out of 8 auctions selling, and we were on fire. So has the market  suddenly changed since the rates dropped?

...while on another key matter, do sellers realise that we are only a few weeks away from missing the boat for 2011 sales.
First the market. Yes, Toop&Toop kicked butt last week. A better than boom weekend of auctions backed up with a string of multi million dollar private sales.

BUT no, the market has not fundamentally changed, and is unlikely to for quite a while I expect. What has happened?  Sellers have worked out the advantages are enormous for getting good advice early on in their sale. The days of flippant buyers have well gone and we are operating in a predictable and less emotional market. Good decisions early are making a difference.

Auctions are working in classic style as owners become educated that a well priced property will sell before, at, or straight after auction, and competition is likely if the market is good enough. It is the competition that sorts out the final sale result as witnessed last weekend. The final sale price has been very fair and in recent cases has resulted in a pleasant bonus for auction sellers. The auctions are starting to fire up again.

Buyers are active, and as predicted last week in this column, they are again committing since the rate drop last week.

The curtain is closing on 2011 sales. Sellers, get your skates on. Toop&Toop are launching our special end of year selling campaigns next week to ensure a sale this year. Sellers must get under way urgently if your sale is to be done properly. Selling late December is ok but we do run into issues with some suppliers in getting properties prepared.

We will finish the year on higher sales volumes, while prices appear to have stabilised....this is the return of the balanced market.

Call me or any of the Toop team over this weekend if you want to get things moving, we need more properties urgently.

Anthony Toop
follow me on Twitter:
@Anthony_Toop
or call on 0418 824 188

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