Goods news for those looking to purchase a property in the Southern Highlands. Whilst spring generally brings new properties on the market and more buyers coming out of their winter woolies, this year is different from the past three years.
Over the last six weeks there has been a significant price adjustment on the properties that didn’t sell in the last two months and are still on the market. Unfortunately for vendors, real estate agents are having to take a new look at the original listed prices and make an adjustment. Depending on the original price but in the price range of $600,000 to $800,000 many homes are now having to take a price reduction around $30,000 – $50,000.
And the new properties just coming on the market are listed at a lower amount than they would have been three months ago. Overall, a price adjustment for all vendors and most likely the property prices will now flat-line for some time.
This means a little more flexibility with negotiations on many properties until the older stock has caught up with the current price drop, or the agent and the vendor have now adjusted their price to meet the current market.
It’s not a ‘bubble’ bursting, just a small fall in prices but as a buyer don’t think there will be any ‘bargains’ just waiting to be snapped up.
Best wishes for all who have waited for spring to buy and buying at a good price.