For most of this year, the good folk of Newcastle have been reluctant to sell their homes and move. Many were nervous about media reporting or interest rates. Many just thought it wasn’t the right time (as frustrating as that was for us agents and many buyers still in the market).
This year has been a period of weakened buyer urgency, yet not a lot of stock, and many sellers left wondering why their properties weren’t being snapped up like they were a year ago…some are still hoping that they’re going to fetch a record price while their surrounding competitors are selling in reasonable timeframes as they meet market feedback.
Eye Spy Observations
At LaneCampos, the clear and obvious change to the 2023 market was buyers basking in the increased choice in properties that late Winter, and now Spring, delivered to their ever-growing selection of homes. The most significant price growth gains may have already transpired. However, we are still confident to see some record sales between now and December, should the cash rate remain steady.
Timing is essential with a sale. Sellers need to listen to their agent’s advice regarding how to present their homes, the best strategy for sale and how to respond to buyer feedback from the open homes. We have seen many circumstances in the last three months where sellers have taken their time to act on a strong, genuine offer only to regret their decision to wait for another open home to find that potential ‘unicorn’ buyer. What typically happens is that the sellers are left waiting for that special buyer while another five new properties launch to market as direct competition, and sometimes, lower price guides. And suddenly that buyer is gone.
The shift
2023 saw a shift from the previous years of insane buyer activity. And quite honestly, we were overdue for a change in the winds of property. From the ‘Sellers Market’ of everything selling for record prices and buyers in a constant state of panic, 2023 saw a shift where buyers suddenly gained more control and could take a breather before committing to a house purchase.
It is sellers who are now in a state of anxiety, hoping that buyers will deem their property as being worthy enough for an open home visit.
However, buyers don’t be too confident. There are still many properties out there that are on the must-see list with many buyers. FOMO is still lurking out there for those particular properties. What makes them unique is their uniqueness, location, lifestyle, services and presentation.
Recent Sales
Damian Rafty sold a quaint renovator at 10 Frederick Street, Waratah. Sitting on a large block on a quiet family friendly street, this home eventually sold for $755,500 after receiving multiple offers from first home buyers, developers and property flippers. First home buyers become to lucky new owners.
Bec Williams had a well presented 3 bedroom duplex at 1/121 Norfolk St, Fern Bay. After just 14 days on the market, this home sold for $725,000 to first home buyers as well.
Roland Campos saw great interest a beautiful home located on sought-after 111 Rae Crescent in Kotara. This neat home attracted large numbers to the open homes and received multiple offers. The home also sold after 14 days for $1,020,000
And Dave Lane sold 26 Seventh Street in North Lambton for $912,000. With over 6,000 online views and 56 buyer at our open homes, it was one of our most popular homes of the year.
