Century 21 Port Douglas Real Estate believes that the current state of the residential property market presents some excellent purchase opportunities for buyers.
Transaction volumes are down despite there being significant levels of stock on the market.
Periods when demand is low often create favourable conditions for buyers as the levels of competition they must contend with are lower than usual, giving them some breathing space and room for negotiation.
Century 21 internal data indicates that there are currently 67 per cent more properties for sale across the national Century 21 network than there were at this time in 2010.
However despite this bevy of stock, sales volumes are down 30 per cent over the same period.
In addition, the recently released RPData-Rismark Home Value Index suggests a relatively subdued housing market, with the quarter to February seeing a national decline of 1.3 per cent in capital city home values.
If properties are going to sell, it is important that vendors are pragmatic about price and prepared for negotiations with buyers.
However,vendors can also rest assured that if they are selling and then buying in the same market, they should not be affected by price discounting as they may pick it up when they go on to buy.
Those in a position to buy would be wise to make the most of this period, taking the time to properly research and compare different properties, locations and financing options.
