The way it is.

Last week I promised to report on the market after hosting our first round of 2022 opens so here goes (yes, I stole the headline from the legendary late Brian Henderson).

In short, it was a positive weekend but a bit of a mixed bag. Buyer numbers are down a little from last year but underlying demand remains strong. Unsurprisingly a classic home in Holt Avenue attracted 20 groups through while a small apartment around the corner had 11 groups in attendance, resulting in both properties now holding genuine interest.

Public service announcement, the ‘game show host’ agents releasing excruciating videos raving about how hot the market is are having you on. The market has cooled…a little…and that’s fine.

In fact it’s a relief that the white hot market that piled on 30% last year has calmed down…if the game show hosts were actually right and we saw another 2021 in 2022, 2023 would probably be another 1989.

A more level market is a positive thing, it means people can thoughtfully upsize and downsize without the frenetic chaos and a major correction becomes less likely.

We are seeing a clear trend that downsizers in particular should be aware of. It would appear that downsizer appropriate stock (large apartments, single level homes near the village etc.) are starting to outperform. I know it’s difficult to grasp the concept of swapping your large home with land for a small garden apartment but that’s how it is and how it will continue to be. The baby boomers are coming home to roost.

The take out? If you need to downsize to enjoy retirement waiting may mean your next home will shrink with time.

For long term fans don’t worry, I see you, the laughs will be back but for now it’s all business.

Until next week


David Murphy