I had the opportunity this week to discuss the current property market with one of its leading statisticians, Kent Lardner. Kent indicated that the housing market is unpredictable. Cycles are all over the place, and banking and government policies are in a state of constant flux.
Interestingly, Kent believes units and apartments are following the normal trend. Currently, apartments are not increasing in price due to the oversupply in the marketplace. I think it is also due to the fear surrounding buying into strata schemes due to Opal Towers and Mascott Towers.
It is deeper than this! The concept of family and joint estates have progressively changed over the last forty years, culminating in marriage equity. Agents were able until recently to assume people bought to house a family and an investment property. Adjustments to the family home were usually guided by the growth of the kids.
This is still around, but it is supplemented by many other goals and lifestyle choices. People’s buying purposes cannot be assumed. Some are even determining to avoid the market.
What does this mean for agents? We need to understand that marketing must come with an understanding of why a person will buy a property. Alternatively, understanding the needs of every purchaser becomes essential.
The World is weird, but one that is fairer and offers greater opportunity. It’s the agent’s job to adapt not the market places duty to comply with the agent’s desire.