December Bulletin | Market Update

With the end of the year steaming towards us, and we countdown our auctions to Christmas, there is a sense of urgency from our agents and auctioneers, as buyers are showing up with more determination to snap up properties. Despite reports of house prices falling and interest rates increasing, from Canberra to the South Coast we have seen some unusual spring selling activities and even more records broken. 

Based on recent CoreLogic data, homes are taking longer to sell compared to this time last year, with the median days on market for Canberra properties at 41. A week longer than this time last year (34 days).  Longer sales campaigns can be due to less competition, giving buyers more time to conduct their due diligence on properties and get their finances in order.  

We’ve noticed sellers recently considering off-market sales potentially to save on advertising costs. Recent PropTrack research reveals the potential significant financial impact to the vendor sale prices when selling off-market and the benefits of reaching the largest buyer audience with online listings. (PropTrack Off-Market Sales Performance Report 2022)

With home prices varying, a strong marketing campaign can be the difference between securing the best price possible and settling for a price below the vendor’s expectations. Attracting the largest possible pool of potential buyers translates into inspections and, inevitably, bidders at auction or offers. 

Although we are all acclimating to these housing market shifts, we are still seeing some impressive results from all our regions with some of the largest crowds gathering to witness homes go under the hammer. The last two months have been our biggest record-breakers this year with 7 new suburb records reached. 

Click here to view our November Market Essentials Report.

As things begin to wrap up for 2022, we reflect on the lives we’ve connected with, the homes we’ve collaborated on, and the journeys we’ve shared together. We are deeply honoured to be entrusted with (what might be) your greatest financial asset. We value the responsibility that comes with serving our clients through complex transitions in life and take pride in seeing your goals achieved. 

You can always count on us as your trusted property partner. We are curious and deeply engaged to provide you with expert advice on your investment.

Although we are always contactable, our offices will close between Christmas and New Year’s to give our admin teams time to rest and restart fresh. We’ve included your local office closure times below for your convenience. 

On behalf of all of us at Blackshaw, we wish you a safe and happy holiday season, and a bountiful and prosperous 2023. See you when we get there… 

Special notice to all our landlords: New energy efficiency standard for Canberra rentals

An ACT Government joint media release on 9 November 2022 announced the introduction of a new minimum energy efficiency standard for ACT rental properties from April 2023, with a phase in period to November 2026. New energy efficiency standard for Canberra rentals 

For more info, visit https://www.justice.act.gov.au/renting-and-occupancy-laws/energy-efficiency-standards-for-rental-homes 

Our Property Management Teams will be in touch with general updates and to arrange a suitable process with our landlords individually.