Last years rampant market and COVID lockdown saw us ‘Sold Out’ of everything we listed…and here we are again!
Despite the market run to date, it seems that buyers are still out there; certainly, we’ve been achieving great prices on a range of properties; from waterfront to hilltop, from fully deluxe to ‘renovators delight’ and everything in between. What is clear is that vendors with realistic expectations, even in this slightly mad market, are doing well. A key element of selling successfully is to read the market! Unrealistic expectations – even in a strong market – are rarely met. Prices are high…but buyers are biting.
Given stretched affordability, the Stamp Duty question remains relevant. The much talked about reforms – to replace that lump sum with an annual land tax style payment, might make affordability and mobility much better…
One other factor emerging as prices run away, and incomes don’t, is affordability. For every successful buyer, there are usually under-bidders. And as prices have risen so sharply, many – particularly younger buyers – are being left behind, despite government incentives. It is an issue; and it will continue to be one as prices rise further, unless, there are changes made to even the playing field.
We often talk about home maintenance. An old adage suggests that you should spend no less than 5% of the value of your home on maintaining it, every year. If you have completely renovated you probably get off the next 5 years…otherwise, new gutters, slipped tiles, sticking windows, repainting the exterior, pest and other treatments, and gardening, all add up. So if your house is worth $2 mill, budget $10,000 per annum. Of course, DIY cuts the cost… And of course, the recent chilly patch will have let you know where all the ill-fitting doors and windows are as the draughts come through!
Take a read of the following…
Unfortunately, there do appear to be a growing number of Covid cases on the beaches now, so please, mask-up, stay at home, use QR codes & get vaxxed!
Locally, the ‘thinkers’ are gathering momentum, ideas, and supporters, for the ‘Avalon 100’ celebrations set for later this year. They are looking for feedback, and for the community to get involved! To join, visit ‘Avalon 100’ on Facebook.