It seems that the current trend (more competition between properties than buyers) will continue.
When this happens, sellers are on the alert and buyers, especially those who arrive in the fold perfectly prepared, can expect to have some nervous drummers; the sellers in this case.
According to John Kovacs, general manager of NMDData.com.au, the problem that sellers face in the foreseeable future is the maintenance of averages, so that a decline in auction approvals is quickly followed by a corresponding decline in prices.
There is an advantage: new buyers might be tempted to come back.
Smart players have been waiting for this to happen and they know the market is calm. "If it's you, you're sitting in the box. The only problem is finding the right property at the right price, "says Kovacs.
NMDData.com.au has collected and listed distressed properties across Australia in the last 12 years. Their categories include the enumeration of residential and rural foreclosures of mortgagors, deceased properties, executors and public trustees, including commercial and industrial properties under receivership, administration or liquidation.
Historically, these properties are seen as the best value and the best real estate opportunities, even in fierce competition between buyers. Now, with a net decrease in demand, exceptional value is available for those who have prepared earlier. Kovacs predicts "10 to 15% less than market value is achievable now, with more savings coming".
"The sellers of this space are not emotionally attached to the property and have a clear mandate to sell. They are required to incur debt and bear the costs, in accordance with the requirements of the market, and to accept the best price to cover themselves. "
Kovacs has reported a steady upward trend in all categories over the past 6 months and predicts an additional 6 to 12 months under the same conditions as the real estate market continues to weaken.
According to Kovacs, the time has come for those who are serious about the property, who are cashed and well prepared to enter the game.
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