#PropertyReport: Strong year-end finish for property market

After what has certainly been one of the more challenging years in property sales, it appears as if we are going to experience a very strong end to 2023.

Since the end of January, sentiment fluctuated as buyers held off from making decisions.

It’s been one of those one step forward, two steps backwards type of year (rentals being the exception as this sector only moved forward).

But as with anything, markets, good or bad, are only moments in time. The equilibrium and normal trend will nearly always be restored.

When you have a period of suppression in the property market, you will be left with an overspill of pent-up demand.

Demand never goes away. Sometimes there is an oversupply and sometimes an undersupply, but over a period of a few years the same number of people still want to buy a property, be it in unequal waves.

Right now, we are in a period where the pendulum has swung back into a high demand market.

As an agent, this is the time to work hard and get more results for your efforts during this long hard year.

As a seller, this is the time to have your home ready to look its best and consider any reasonable offers because the overspill effect doesn’t last too long.

Buyers are all of a sudden competing with more serious buyers, so don’t let indecision lose you the right property.

There are still many well priced properties on the market. Don’t let them pass you by.

As property practitioners we have been privy to this market change which has been happening for a few months now. It is already in full flow.

However, the lag effect means consumers will only be seeing this now and into next month.

October was our agency’s best month in sales since June 2021. Simbithi and Palm Lakes have both had record price sales agreed and signed last month.

We had competing offers at the asking price on a property last month (which hasn’t happened in a very long time); four of the last seven properties we have listed in the last week have all sold, and one of our longest listed properties on the market has suddenly sold after an extended period of close to zero interest.

As metrics go for a good market, including just the general feeling within the office and the busyness that comes with it, these are indicators we look for – and all have been hit in the last month.

It might be interesting for you to know that historically, if a year finishes strong, it nearly always starts strong the following year.

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