[NB – There was a 5.8 magnitude earthquake near Melbourne on the day of writing]
One of my colleagues had a final inspection this morning for a top floor apartment. The buyer was very concerned when the whole building started shaking. “Is this normal?”
…Normal for an earthquake I guess. It certainly wasn’t his fault.
Bad earthquake puns aside, there is plenty of movement in the market now and some good vibrations.
We are all systems go and frantically booking in private inspections.
We saw anywhere from three to thirty groups attending our first round of inspections on Saturday, all in five or 10 minute blocks. (It was a long day).
Fortunately we are allowed to hold private inspections for both occupied and vacant properties and all services relating to the sale of real estate are permitted, such as photography and styling.
This means we are back to 100% capacity in terms of being to market and sell homes, albeit on a slightly different schedule.
Early signs seem to show that the best buyers are coming through very early in the campaign with enquiry peaking quickly and starting to drop off in the second week.
Buyers seem to be prepared to make a decision off just one private inspection, rather than needing to inspect twice.
This means campaign length will likely shorten to as little as two weeks, with some properties starting as Expressions of Interest with the option to convert to an online auction if there is strong interest, or an acceptable offer is received early with other buyers wanting to challenge.
The big question for buyers is whether they should wait for more stock to come onto the market in the coming weeks.
It is likely that listings will increase, with a backlog of properties still to be styled and photographed.
But oftentimes more stock actually attracts more buyers to enter the market. Activity begets activity.
It’s like when a nice new road or freeway opens and suddenly more people start driving so the traffic actually worsens.
The general consensus is that there will be more than enough keen buyers to absorb all the new stock.
Speaking of which, team Fetter/Sciola have some fabulous homes ready to launch in the next couple of weeks.
We are thrilled to be back at work, busy, productive and helping people once again realise their real estate dreams.
We look forward to seeing you out there soon.