According to this news.com.au story, auction clearance rates across Australia have slumped in recent months. This, coupled with higher volumes of properties and fewer buyers, means there’s bargains to be had.
Well, I don’t see it. From what I can tell, having poured over literally hundreds of properties in three months, prices are higher than ever. Sellers are not willing to negotiate and have absurd expectations. And let’s not forget the inefficient agents that plague the market.
“Real Estate Institute of Victoria president Enzo Raimondo said buyers were in the best position to negotiate for 18 months…” Really, Enzo? Even better than they were during the global financial crisis or faux-recession? I doubt that.
I bought my current place last year as the world slipped into our darkest economic days, or some crap, and it was an amazing time. There were plenty of places to look at, many sellers keen to come to the table and agents running scared, eager to please.
Things are not rosy. When a rundown shack in an outer suburb is priced at $500,000-plus and considered “entry level”, there is something seriously wrong with the market. Buyers are not in the best position in a long while – they’re royally screwed.
