Everyone Loves A Cupcake.

One of my greatest joys is reading the regular hate mail I receive in reply to this newsletter.  Clearly this lockdown has had an impact on my social life. Thank you Wendy for your lengthy and thoughtful character assassination, there is a signed t-shirt in the mail.

I’m sorry Wendy, in an industry where image, fast money, and expensive cars reign supreme it’s just so easy to have a dig…and its fun! Don’t feel too sorry for some of the Muppets I’ve been calling out, they are probably doing ok.

Anyway, after recently watching one of my competitors market report videos and narrowly resisting the urge to throw my laptop off the balcony I thought I should have a crack. But before that, I don’t think you can call it a ‘weekly market report’ if you just stand there and talk about your amazing sales, would a better description for that be a ‘weekly narcissistic check in?’ Hmmm, that title might need some work.

Hi, I’m the best, have been the best for ages, we have all of the buyers, the local ones, the overseas ones, the desperate ones, really flexible ones, even the magical ones that don’t exist…the end…cringe.

Ok my market report…

Apart from Gladys resigning the big news this week was the talk of likely credit tightening and our treasurer making it clear that cooling this red hot market is now formally on the agenda. And just like that…some of the buyers out there have got the willies. How fickle things can be.

I’ve been chatting with other agents, buyers’ agents, auctioneers and most admit that there has been a noticeable change in the past week. The desperate craziness is starting to fade, this my friends is a good thing.

What will now be interesting to watch is how the other side of the hall responds. If property sellers start to enter the market with overly ambitious expectations we will see more auctions pass in. This will send signals to buyers that the playing field is levelling and as a result they will become picker and more patient.

Great property will continue to do well, properties on busy roads or lacking key features will need to be priced correctly to sell.

This is the ebb and flow of a normal market, the party isn’t over…maybe just a few less cupcakes.

Until next week,

David Murphy