Trying to predict trends in the real estate market? Whether thinking about selling your property or purchasing a property, understanding the trends in the area assists sound decision making. When to put your property on the market or when to lock in tenants to a long lease, for example. One way the professionals evaluate trends is by assessing the “inventory “in the marketplace. Inventory simply means the quantity of goods available to meet a particular market. In this case we are talking about the amount of suitable property available in the Cooma and surrounding areas real estate market.
What Makes Up Property Inventory?
Inventory includes not only goods but substitute goods. In other words if you are buying peanuts but none are available you may substitute cashew nuts. When it comes to the real estate market Property Investors need to assess not only how many other rental properties are on the market but also the number of cheaper properties for sale. A potential tenant may opt to purchase a cheap property rather than rent or another investor could purchase a low priced property and put it on the rental market. In a market where inventory is dropping, prices will eventually rise, this is the time to invest appropriately. When inventory levels are increasing, prices may fall so locking in tenants or putting your property on the market early in the trend makes sense.
Interest In Lifestyle Properties
Demographer Bernard Salt from KPMG says “Once you get the price rises you get the exodus”. He cites the late 1990’s boom that resulted in people selling up their properties in Sydney to move to lifestyle locations like the Gold Coast in the early 2000’s and he thinks that is about to happen again. RP Data Analysts have also predicted a move away from Sydney by investors and retirees, but they think they will also head south of Sydney. Sales Consultants at Fisk & Nagle Cooma have already noted an increased interest in lifestyle properties in areas surrounding Cooma, such as Numeralla, Berridale and Adaminaby from Canberra purchasers. Looking at all these indicators it certainly seems a great time to put your property in Cooma or surrounding areas on the market. Call Geoff Bowman on 02 64524043 for an honest evaluation of your property.
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