Prime Time to Trade
January 16 2023
As a new year begins, all attention is focused on what lies ahead for the property market in 2023.
For popular southern beachside suburbs, which experienced exponential growth during Covid followed by a recent period of price adjustment, the outlook remains positive.
He says the mitigated level of risk in a more stabilised market works to boost market confidence among buyers and sellers, particularly those seeking to sell and buy back into the same market.
“It will be a great time to transact, whether you are downsizing or upsizing,” Troy says.
“And for those who bought before Covid, selling now means they will still benefit, with exceptional capital gains.”
Sellers to Drive Sales
According to Troy, the true success of the market this year will rest with vendors and their willingness to create conditions conducive to sales.
“The buyers are always active at the right level in the market,” Troy says. “When sellers align with the market, their chances of achieving a premium result increase, then the volume of transactions will remain strong.
Vendors coming to market with quality properties in highly desirable locations will continue to attract premium prices because of limited supply.
Knowing how to position your asset within the local market in these changing conditions is where an agent – such as Troy and his experienced team – can help, providing expertise and support around marketing and pricing.
“The market can be challenging to navigate. Vendors need to be armed with enough information and context about where the market is at, so they can identify the best buyer who is going to pay them the highest price under the most favourable terms,” Troy says.
Having more than 19 years’ experience operating in the southern beaches, Troy is not only familiar with every suburb from Burleigh to Coolangatta, but understands the performance of sub-markets within those wider suburbs.
“If vendor expectations are extremely ambitious relative to what buyers are prepared to pay, then a sale is unlikely to happen in this cycle of the market. The buyers are definitely there, but sellers must be willing to create a sale.”
“There will always be sub-markets within the market, and different suburbs will perform better than others, that’s just down to supply and demand, and there will be precincts within those suburbs that will continue to outperform.”
Limited Opportunity to Buy Beachfront
While vendors hold the key to sales in 2023, Troy believes buyers will benefit from being more proactive earlier in the year, rather than waiting for potential market corrections.
“The southern beachfront as a whole is the most tightly held that I have ever seen,” Troy says.
“While a good influx of stock is expected early in the year through to Easter, in the middle of the year it’s highly likely these opportunities will become scarce.
“Any buyer looking for a beachfront lifestyle investment should aim to acquire in the first quarter of the year while there is traditionally more choice.”
“High-quality properties in premium locations will remain in high demand,” says Troy.
“If we look just at the lack of supply along the beachfront and how tightly held areas from Mermaid Beach to Kirra are at the moment, they should continue to perform well with prices remaining buoyant.”
To gain an informed insight into the southern beaches property market in 2023, reach outto Troy Dowker.
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