Bumper weekend for auctions

As promised last week it’s time to report in.

It was a bumper weekend for auctions across Sydney and Morton & Morton was no exception.  We had two properties sell under the hammer and three others offered at auction are now in the process of serious negotiation.  If we can secure those sales I will consider it to have been a successful weekend but obviously no deal is done until the papers are signed.

On the back of the sentiment I saw on the week I’ve firmed in my view that the only market certainty is the very uncertainty of the market.  We need to stop waiting for the magic fix.  At this point I just can’t see that anything will restore underlying consumer confidence.

We used to see interest rate falls, like the one announced this week, deliver a boost to the market. Now a rate cut is welcome news but it no longer automatically flows through to our spending patterns. 

That’s not to say the market is doomed. I don’t think it is and the results of the weekend prove that. 

But it does mean buyers, vendors and most importantly real estate agents have to adapt to the new environment where market trends don’t really exist.

Expectations of all parties need to be tempered.  Volatility has to be expected.  Ongoing, open and honest communication between agent and client is crucial.  That’s our strategy for the months ahead.