PHOTO: More homes have been listed as lockdowns end. Photo: Peter Rae
Fear of missing out among potential property buyers is starting to ease as more homes are listed for sale this spring. But buyers hoping to pick up a bargain might have another think coming, with bullish prices still being achieved for the most sought-after homes.
“That’s [FOMO] definitely settled down, without a doubt,” said Peter Kelaher, director of PK Property Buyer’s agents in Sydney.
“Buyers are fatigued, there’s been a natural attrition in the marketplace.”
He said clear distinctions had emerged between A-grade properties that were “boiling”, B-grade (“simmering”) and C-grade (“lukewarm”), compared to the autumn when buyers were paying a premium even for properties on main roads or with inherent problems.
There had also been a fear of missing out during lockdown when buyers were stuck at home trawling listings websites, but that had shifted as people could now move around and make travel plans, he said.
With buyers distracted from their property search, sellers were keen to sell prior but he expects another tick up in the market from February when buyers return refreshed from the summer break.
OH Property principal buyers agent Henny Stier is seeing a shift in the market, with some buyers keen to get in before Christmas but other auctions drawing only one bidder or passing in. While A-grade homes are selling fast, at very strong prices, she is now receiving emails advertising price adjustments of 5 to 10 per cent for C or D-grade homes.
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