News

Don't miss tonight's in room auctions at Palazzo Versace (30th July, 2008). Starting at 6pm in the exclusive Marco Polo room (near Vie restaurant). Auction Timetable  

UPDATE: 50% Sold at or before auction

There is life in the market at the moment for quality property. Buyers will continue to slowly resurface after their winter hibernation, now that we head into the final month of winter and spring is just around the corner.

Interest at open homes is solid and improving, there are a few more offers floating around and being considered by sellers. There is the odd bargain that is securing a buyer very quickly because there are cashed up parties willing to be flexible on their requirements for the right price.

The big question is how much stock will hit the market in spring? If there is built up supply that has been waiting for winter to pass and confidence to return to the market, then we may see a flatter marker for a little longer. On the other hand if sellers from earlier in the year have found alternatives to selling and removed their property altogether from the market, we will be left with only a little additional supply and the market will get a bit more of a kick.

I strongly suggest we will see the latter. Former sellers, who have not sold have found other alternatives, the most common being the long term lease, which will be 12 months before it renews. I don't think we will see masses of inventory hit the market and this holds well for the spring selling months.