Quarter 1 2023 - Nathan Simon Team Market Report

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Nathan’s Market Wrap-up

Hey there! We’re a quarter of the way through 2023 and things are definitely heating up in the property market. While experts predicted a surge in distressed selling and big price drops, low stock levels have actually kept things pretty resilient. In January and February, buyers were a bit hesitant and there were way more inspections required to secure a sale.

But now that the announcement rate rises are coming to an end, buyers are feeling more of a sense of urgency to buy again. We’re seeing more enquiries, more inspections, and even more offers being made. Of course, people still prefer new or move-in ready homes since building costs and labour are still on the rise. But if you’re a savvy renovator, there are some great opportunities out there for you to snag a good deal.

We think the market will stay pretty steady for the next 3-6 months, but after that, we might start to see the full effects of the rate rises. For homeowners with a $600,000 mortgage coming off a fixed rate, payments could go up by over $300 a week. That means people will have to find an extra $500-600 per week before tax just to maintain their current lifestyle. But Aussies are pretty resilient, and as long as unemployment stays low, there’s always the opportunity for second jobs or overtime to boost incomes. So, what’s going to happen to the property market when the fixed rates come off? We’ll just have to wait and see!

Quarter One Action 2023

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INSTANT PROPERTY VALUATION

Awards Night

What an honour it was to present at the Alberton Ormeau Cricket Club Awards Night! The pure passion, inclusivity and determination of this club continues to astound me. You couldn’t wish for a better club culture than this one and I am so grateful to be a part of it as one of their major sponsors. It’s a further pleasure that I get to sponsor a member of the Inclusive Team and help make sport more accessible. Let’s go Hurricanes!

Alberton Ormeau Cricket Club

Why are house prices holding?

We always say it, supply and demand! Check out these charts showing the difference in number of transactions vs 12 months ago highlighting the lack of stock available to potential buyers

Want to know what’s happening in your suburb?

SUBURB STATS

Offering Platforms

Many of our clients are unaware of how an offering platform services both buyers and sellers. We use one on almost every property we sell, so let me explain the why and what...

watch the short video here

EXPERIENCE THE Difference

These sellers originally enlisted the help of a different agent when selling their home. Unfortunately, the home sat on the market for 3 months and the highest offer recieved was $650,000. As I had an existing relationship with these guys, I took over the sale and had them sold in 11 days for $760,000. It goes to show the right agent and right strategy is paramount in selling your home. Read their review of myself and the team below.

Nathan and his team nailed it!

We purchased a property through Nathan and had initially decided to sell with a different agent. Which in hindsight was a terrible decision, the previous agent had our property for 90 days and we had hardly any interest at all. We potentially lost more than $100k with that choice as the market shifted in that time. Nathan had the property for less than 3 weeks before having received multiple offers and we settled with the best terms you could hope for as a seller. Nathan and his team were ultra professional and very clearly worked their a** off for us from the moment we started the campaign with them. Highly recommend Nathan and his team for all your real estate needs.

Introducing Kerry Peters

New to the team as Nathan’s Associate Agent, Kerry is committed to helping families find their new home and practices compassion through real estate.

What is the media saying?

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Read our latest blog

If you are getting ready to put your property on the market but the age of your home is showing, you could be looking at renovating to sell. There are certain areas of the home that are prone to age or date more noticeably and are therefore the priority, especially if you’re looking at a partial renovation...