Vendor's Message from Milton Rendell - October 2017

Spring has arrived and with that we have seen increased activity through home opens more typically through the hills and surrounding areas in our group. Areas with larger amount of properties for sale have seen low numbers for inquiry and open number remain the same. Supply demand rules in any market and the hills properties in general are more individual so naturally attract different interest but not always leads to sales.

We are seeing a small influx of investors and first homebuyers which is common for this time of year and we would expect through until Christmas this will continue. Traditionally, families do look to buy and sell this time of year as well.

Discussions amongst agents at a recent conference I attended in September, including the speakers, all mentioned they believed that it has been a challenging last year and most believe there will be a major change in the near future. The discussion on price of properties was consistent with many I spoke with and the opinion of the experienced agencies believing prices have come back to similar and around 2012 prices. With this I agree in a number of areas as we certainly have seen this with high supply and low demand but unique properties will set their own trend. Well-presented properties will always achieve a premium even if it is only a small one.

Many feel the Commercial market may remain the same for several years yet and that the slowing of the markets in Melbourne and Sydney may prove a positive for us here in the west as we seem to be the forgotten or poor cousin in recent times in terms of interest to the media nationally.

I believe the key now is to use the result you achieve for your property and adjust your short term goals, not have your goal at times trying to determine the price you want as many are discovering. This simply doesn’t work. It does not allow you the flexibility to move forward for the future. The reality is for many of us our equity is less than it was a few years ago and we have to accept that but our buying power is stronger if we have cash in today’s environment so we also need to understand the potential for the future as well if we are cashed or reduce debts.

As I was once told you never go forward looking in the rear vision mirror and I think many are still doing this. We all need to be current and in tune with today to be positioned to take advantage of the future.

This month I personally celebrate thirty years in real estate, eighteen years of that as the owner and founder of Real Estate Plus and I thank you for your support over the years to myself and our team and wish you the best for the future. During the thirty years I have seen plenty but I can share one thing with you, change is always constant and your ability to adapt to that will determine your success.

Here is the latest market update from REIWA for September 2017 which I thought you may find interesting. https://www.youtube.com/watch?v=w1WN0n4zZC0

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Milton Rendell, CEO & Managing Director

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