My Real Estate Market Wrap, and predictions for February
There is masses out there. The buyers have gone out there looking, but are they buyers pulling the trigger? Not the first day back for 2020 for doing real estate auctions and I'm going to let you know it wasn't a great day in terms of results. I left Byron Bay yesterday afternoon thinking to myself I'm going to go back to Sydney and the buyers are going to be lining up, because I've heard there have been massive crowds hitting the real estate open for inspections. But unfortunately for me for today, that's what it was. It was crowds watching, and I've spoken to a number of other auctioneers and real estate agents, particularly agents that do high volume, and they're telling me what they think is happening is that there is masses out there. The buyers have gone out there looking, but are they buyers pulling the trigger? Not, and it doesn't surprise me, because in January you get a lot of people going out looking at property and it looks like it's more people than what there really is, because there's less properties on the market this time of the year. So all the buyers get squashed up into a smaller number of properties for sale and auction and open for inspection, and that's why it looks like we've had great numbers through the property. That's what I just. Oh, the numbers were great. They were numbers were great, but I can tell you that's one of the reasons why there looks like there's a lot of buyers. And the second thing is there is people out there, but they've got time on their hands, often still in holiday mode, sometimes new year resolution mode. Let's see what properties like at the moment.
Speaker 1:More curious than actually buying. And today I did four auctions one sold prior, to sold prior and two did not sell on the day or came close to selling, for that matter. So probably the most interesting thing that happened to me today was a guy that I got into a conversation with. He had a girlfriend that would have been half his age you know the type, you know looking good Bit of the midlife crisis thing, going on sports car came to register on a property, could have bought that property for around a million wooden bid. I said to him how would you feel about putting a bid in at 500?
Speaker 1:No, spoke to him after the auction and I said to him I'm just curious, what do you think this property is worth? He said to me probably a million. I said okay. I said it's a hot day here in Sydney. I said you've come along and you've registered. What were your intentions when you registered? He says I just wanted to see how it went. I said you know you can actually see how a property goes without registry. He goes yeah, I know that I was just wanted to see if I was going to bid, if it was a good opportunity. I said well, I want to ask you. You've just said to me you think it's worth around a million, it's worth around a million. I'm asking you whether you'd like, since you're registered, to see whether we put something to the owner at 500. And you're saying no and he goes oh, let me think about it.
Speaker 1:Anyway, I've got to tell you, guys and girls, I've always been fascinated about people that come along can potentially buy a property at half the price. Real estate agents know what I'm talking about. They come and register and then they don't do anything, even when you can basically get it at a bargain basement price, or even if you were talking about, even if you were to get it for 500 grand under market value. But I've got to tell you what it is. It's very simple. Sometimes guys to look like they're a heavy property hitter. That's the fact Right, and that's the category that I think this guy was in their team. But I've got to say to you, I've got to say to you, I think that in February, on the first week when the Reserve Bank meets, we're going to have a very, very good insight into where we're at with things.
Speaker 1:John Callionators calls him a tire kicker. He was just trying to impress her. He was trying to impress her. I've done it before, by the way. I've done it before. I won't go into the detail here, but I've actually exposed people like that in the past. Anyway, team I sold no properties, that option. Luckily, two of them sold prior. Keep your eyes out on the Reserve Bank meeting. But, more importantly, right now, don't worry about the clearance rate. Right now, there is no volume, there's no volume. Thank you, johnny. There is no volume out there. And when there's no volume, there's no listings. The numbers that you're going to get are really insignificant. When's most of the stock going to be on the market? Mid-fed anyway? Team signing off.