Don’t wait to buy, buy and wait!
What an excellent finish it has been to the 2019 property year.
In December 2018 we wrote “We think the second six months of 2019 will see improvement in prices and more activity”. The comment met with much scepticism and mirth!! Isn’t it good to be right occasionally?
A good example is a Carnegie property we hoped to buy for a client at $1.6 million. (price range $1.3 -$1.4 mill.) In fact we offered that amount which precipitated a private auction. 3 bidders competed against us and the property sold for close to $1.8 mill., not to our client unfortunately. The price represented a 28% premium over the top of the range. Unbelievable!
There is no indication of a slowdown any time soon as supply will remain short in the near future and prices will continue to rise.
There may be some opportunities to buy “off market”.
May we take this opportunity to thank you for your support and wish everyone all the best for the festive season and good luck in 2020.