Has the Murraylands’ property market topped out yet?
Raine and Horne’s Michael Cox answers a common question from local property owners wondering whether they should hold out for a better deal.
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In the words of Kenny Rogers, you’ve gotta know when to hold ‘em and when to fold ‘em.
So: if you’re holding onto a property, hoping to sell when the market peaks – or holding out for a downturn before you buy – which is it gonna be?
Should you hold, or fold?
That’s one of the questions everyone has been asking lately, says senior property consultant Michael Cox, from Raine and Horne Murraylands.
Property values in regional South Australia have climbed by almost 70 per cent since early 2020, making ours one of the nation’s best-performing markets since then.
Residential properties are incredibly valuable in Murray Bridge at the moment – some local vendors have made profits of up to 50% after holding properties for less than two years.
It has been a wild ride, and it has to stop somewhere … right?
“In my opinion we still have room for a bit more growth before it plateaus,” Michael says.
“There’s still a significant gap (in price) between us and Mount Barker or Strathalbyn.
“But growth can only continue for so long.”
Should sellers hold on and wait for prices to flatten out?
His advice to potential sellers: have a plan in place, and consider all the factors that might affect the market over the next year or two.
Extra stock will come onto the market as new neighbourhoods are developed, which will mean less competition among buyers – one of the drivers of our recent price rises.
“There’s no need to panic, as I don’t believe (the market) will drop,” he says.
“It’s more that competitiveness amongst buyers will drop, so instead of selling in a week, properties might sell in a month – that’s something for sellers to be aware of.
“At the moment we’ve got a sufficient number of buyers, there’s a lot of competition, prices are really good, things are selling very quickly.”
Should buyers wait and hope more options come onto the market?
What would he say to potential buyers who might be sitting on a deposit and hoping the market opens up a bit?
You might have more options in six months’ time, he says, but remember: prices are likely to keep going up.
“I’d encourage any buyer to purchase as quickly as they’re capable of purchasing,” he says.
“Even if we see five per cent more growth in the market, prices are already well into the $400,000s, around $500,000.
“It might be less stressful buying in six months’ time, but you’re going to pay a premium price-wise.
“Everyone who has bought a property in the last three or four years has felt like they paid a premium, but they’re still grateful they’ve got a property and have got ahead.”
To maximise your chances of success in the meantime, he encourages you to keep building your deposit, get your pre-approvals in place and come in with a strong offer if the right home becomes available.
What do you want to know about the Murraylands’ property market?
Raine and Horne Murraylands are your local real estate specialists, and they’re keen to answer your questions.
Let us know in the comments what you’d like Murray Bridge News to ask them next month, or email peri@murraybridge.news.
- More information: Visit www.raineandhorne.com.au/murraylands, call 8532 3833 or drop into the office at 4 Seventh Street, Murray Bridge.
Advertising to more than 20,000 highly engaged locals can do wonders for your business. Call Murray Bridge News’ Jane Intini on 0418 835 768 or email jane@murraybridge.news.
Peri Strathearn
