The Billionaire Strut.

Ever confident that he would easily win, the hare decided mid race he had time to take a nap under a tree. Upon waking to the sound of applause the hare (in this case the overconfident homebuyer) ran swiftly to the finish line only to learn that the tortoise had won. Meanwhile, frustrated real estate agents adorned the victorious tortoise with tacky gift hampers and bottles of branded wine.

Shout out to Aesop.

With many buyers now strutting into open houses like Conor McGregor enters the octagon, I felt this week should be a cautionary tale to those of you who aren’t familiar with Aesop’s highly educational fable (or Conor’s recent abysmal fight record).

There is little doubt that we are in a buyers market but there is much doubt as to how long it may last.

I would go as far to say that current buying conditions are better than they have been for over a decade yet many ‘would be’ purchasers still seem keen to wait/nap under a tree.

This week we had two sales with multiple interested parties who sat back only to express disappointment once the deals had been done.

In my opinion, the belief that an abundance of high quality bargains are on the horizon is simply misguided. I put to your that there is a real chance that the RBA is now posturing and rates may not go as high as feared or predicted.

Fear is the key word in all of this, last year it was FOMO this year it is FOPTM (fear of paying too much)…I concede the second acronym still needs some work.

If I refer back to the Tortoise and the Hare, not only did the hare lose but he also ran to the finish line in a panic and I suspect ended up overpaying for an unsuitable property.

So many lessons, such little time…

Until next week,