Skip to content

The Real Deal

The Real Deal

The State of the Market

 

For our very first blog post, I thought I would address the question that I get asked most often by both  property buyers and sellers.  “What’s the market like at the moment”.

Whilst I completely understand where they are coming from with this question, it is still a bit of a “how long is a piece of string” question.

The real estate market is a highly complex and fluid thing.  And the “state of the market” will depend greatly on which end of it you are sitting.  For example, the lower end houses, in the lets say under $300K range. For them the market is extremely buoyant.  There is currently  a huge market for properties within this price bracket.  I have personally in the past couple of months listed and sold 4 individual properties roughly in that price range that sold within a week… one in just two days!  There will always be a strong market for reasonably priced properties in this area.

Many buyers will be either investors or individuals looking for a holiday home.  But not always.  2 out of the 4 properties mentioned above were sold to people who will be making Lakes Entrance their full time place of residence.

As for the mid range houses from the say $300 – $400K range, these too are also selling.  There is still good demand in this price bracket, although it is not unreasonable to say that vendors will need a little more patience as the percentage of buyers for this market is not as high.  But they absolutely do exists and we are still selling mid range properties within expected time frames.

High end houses are always going to take a little longer to sell in this area.  They do sell.  They absolutely do. But it can take time to find a serious buyer looking to go substantially above our median price value of around $300K.

Which brings me to the “how long is a piece of string”, part of the question.

“What’s the market like at the moment’… I’m asked.  Well it depends.

If you are serious about selling your property?  I mean really serious.

If you are willing to take the advice of our trusted and respected professionals?

If you are willing to list your property for actual market value, and not be swayed by sentiment, or what you think you would like to get, or what the house “owes” you?

If you are realistic on price, and what your property is actually worth, not how much you need to buy your next place?

Then the state of the market in Lakes Entrance and surrounds is very good right now.  I know locals have been concerned with the amount of local businesses that have been closing down of late.  It’s not a good look for the town.  But it doesn’t seem to have stopped people from wanting to move into the area.  People are still buying property here.  People are still investing in rental houses, holiday houses, and even their forever homes.

So the short answer to the question, “how’s the market right now?”… is that it is looking very healthy.  Properties are selling.  Buyers are showing serious interest in the area.  And with the weather starting to warm up and more and more tourists visiting our town, things have never looked better.

Upcoming blog posts will cover such topics as The Importance of Professional Photography, The Less is More of Real Estate etc.