According to reports in the press the latest interest rate rise has had the desired impact in slowing the economy – all major cities are reporting lower auction clearance rates. The retail sector is also reporting a slowdown.
Here in Noosa we sometimes follow the lead of the cities on a smaller scale. There is currently a ‘wait and see’ sentiment amongst the buyers. The opportunistic buyers are the ones who are capitilising on the current sentiment, using the conditions to negotiate, as the best time to buy is when the supply is on the market with less demand. So I can only reiterate as I have said in past columns that we are seeing a buyers market in Noosa overall, with some great properties on our books which are quality buying at realistic prices. It may be time to get off the fence and start seriously looking, as the overall confidence is returning and prices will strengthen again.
For some sellers with properties on the market, it may be time to assess the value you have on your listed property. We are finding well priced properties are selling reasonably quickly – last week we sold a two storey townhouse in Noosaville within three days of listing it because it was correctly priced. The buyers are well researched and know their values to the last dollar, so a well priced property will still equate to a sale.
The gloom we see in the press continues to astonish me as there is still some positive activity about especially in our prestige market. It seems every time the news comes on it is the interest rates which are the breaking news (these rates now look to have reached a plateau). Anyone who follows the bigger picture will be well aware of the confidence in the growth in QLD with our population increase for 2008 tipped to be the highest in Australia.
Till next week,
Olivier