In Domain this week, Dr Nicola Powell writes writes that strong conditions in the Australian housing market have resulted in more sellers lifting asking prices midway through a sales campaign. As prospective buyers have been making inquiries and attending inspections, many vendors have felt confident they could be commanding greater asking prices.
Excerpt of Article By Dr Nicola Powell – Domain 25.5.21
In a seller’s market, the heightened competition between buyers can make raising the asking price a greater possibility. The percentage of sale listings with an asking price increase mid-campaign is a unique insight that provides a timely leading indicator of market conditions and prospective price growth.
For buyers, in a rapidly moving market, being outbid or placing interest in a home that far exceeds your budget can be frustrating. An upwards asking price revision during a sales campaign provides greater transparency and helps set price expectations for all parties involved. This all ultimately allows buyers and sellers to understand the current market they are transacting in.
A good understanding of property market dynamics helps to determine an asking price for a home. During an upswing, particularly through periods of rapid price increases, the anticipated sale price outcome can alter and exceed initial asking-price expectations. This can result in adjusting the asking price to meet the perceived market price midway through a sales campaign.
Areas in NSW with the biggest proportion of properties increasing prices mid sale campaign.
- Posted by The Goldman Brothers
- On May 25, 2021
- 0 Comment