HOW THE 2002 MARKET IS GOING, GOING…. March 2002 RETURN
The property market exploded in early 2001: low interest rates, leapfrogging prices, 100 per cent clearance rates, 50 per cent investor sales. Investor demand weakened suddenly after 11 September. With the subsequent announcement of the Federal election, auction clearance percentages dropped from nearly 90 to just over 60 by October. Many sellers could not let go of the expectations raised by inexperienced Agents who misread the change in the housing market. By sticking to our proven methods and advising vendors appropriately throughout 2001, Marston & Cook sold 84 per cent of all our listed properties by Auction day. Subsequent sales brought our total clearance rate up to 98 per cent, a much higher end-of-year result than the industry average.
Terrific opportunities exist today Demand has now rebounded dramatically, with a significant return of investors to the market. Understandably though, current buyers are less crazy than in mid 2001.
What do these trends mean? Choose an Agent with a proven record of assessing local market conditions – and selling strategies that suit the property, not company promotions. Top class properties are still in heavy demand, and will sell well at auction. However, Private Sales will be a stronger feature of the market for middle and lower range properties in 2002.
These points indicate a strong, yet balanced market. Call Jason Marston directly on 9381 9381 to enquire or list your home for Sale or Auction with Marston & Cook. Bringing buyers to your property, not promises. Still 100% Sold on or before auction day 2002.
The property market exploded in early 2001: low interest rates, leapfrogging prices, 100 per cent clearance rates, 50 per cent investor sales. Investor demand weakened suddenly after 11 September. With the subsequent announcement of the Federal election, auction clearance percentages dropped from nearly 90 to just over 60 by October. Many sellers could not let go of the expectations raised by inexperienced Agents who misread the change in the housing market. By sticking to our proven methods and advising vendors appropriately throughout 2001, Marston & Cook sold 84 per cent of all our listed properties by Auction day. Subsequent sales brought our total clearance rate up to 98 per cent, a much higher end-of-year result than the industry average.
Terrific opportunities exist today Demand has now rebounded dramatically, with a significant return of investors to the market. Understandably though, current buyers are less crazy than in mid 2001.
What do these trends mean? Choose an Agent with a proven record of assessing local market conditions – and selling strategies that suit the property, not company promotions. Top class properties are still in heavy demand, and will sell well at auction. However, Private Sales will be a stronger feature of the market for middle and lower range properties in 2002.
These points indicate a strong, yet balanced market. Call Jason Marston directly on 9381 9381 to enquire or list your home for Sale or Auction with Marston & Cook. Bringing buyers to your property, not promises. Still 100% Sold on or before auction day 2002.