MARKET WRAP FROM YOUR LOCAL ORMEAU RESIDENT & SALES AGENT
As one of the strangest years on record draws to a close, our local resident and sales agent, Morgan Oliver wanted to offer you his take on how the local market is performing. If there is one word to sum up the current state of the market, “hot would describe it,” says Morgan.
The last several months have seen buyers flood back into the market after a lengthy hiatus due to the COVID shutdown. Morgan holds the view that this wave of buyers in the market is attributable to three things. Firstly, a case of pent up demand from buyers unable to purchase during the shutdown who are now re-entering the market again. The second group comprises interstate buyers who are seeking to relocate as a direct result of stricter and longer lasting shutdowns in the southern states and thirdly, the COVID lifestyle change effect.
“Of the three factors influencing buyers and sellers in the marketplace, this one is the most fascinating,” says Morgan. At no other time in living memory have we experienced something like the pause in our day to day lives that occurred earlier this year. This situation has given rise to people questioning many, many aspects of their life. Life-style questions flooded forth which questioned whether people wanted to continue living in the same house, maybe it was time for something larger? Others felt it was time to relocate closer to their family, realising the importance of family. Then others were seeking lifestyle change altogether, such as a move to the beach.
These factors have all combined in the second half of 2020 to produce a market that is very strong. Most properties are generally on market for around a week before going to contract. Morgan says, “the market is still experiencing a surplus of buyers in the market compared to the number of properties available for sale.”
If you are considering selling, Morgan says, “this is a great time to sell.” This pent-up demand in the marketplace has seen:
- Multiple street records for the sales price achieved
- Multiple sales under contract within 7 days of listing, and one under contract within 12 hours of listing
- Sales achieved above asking price
Through his hard efforts, Morgan is achieving one of the highest median sales price for his vendors and his recorded advertised days on market is one of the shortest in the market, and significantly better than some of the well-recognised agents in the area.
If you go to market without discussing the sale of your property with Morgan Oliver, you might be engaging an agent that lacks his track record and successes. Is this something you can afford to do?
Call Morgan Oliver, your experienced Ormeau real estate agent today on 0404 050 620 to start a conversation about the sale of your property and achieving results like these.
07 5517 5282
www.jmoproperty.com.au
