{"id":5542,"date":"2015-09-02T01:00:27","date_gmt":"2015-09-01T15:00:27","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5542"},"modified":"2015-09-02T01:00:27","modified_gmt":"2015-09-01T15:00:27","slug":"house-hunting-this-spring","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/house-hunting-this-spring\/","title":{"rendered":"House Hunting This Spring? – Cate Bakos"},"content":{"rendered":"

 
\nAs we prepare to enter Spring \u2013 one of the busiest real estate times of the year \u2013 we take stock of the market and give you an insight as to the market conditions, level of stock availability and how not to pay too much. In today’s show we talk with Cate Bakos<\/strong>, who is a buyer\u2019s agent out of Melbourne.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin: \u00a0 <\/b>It\u2019s quite timely that we should be talking right now to Cate Bakos, who is a buyer\u2019s agent out of Melbourne, talking about what\u2019s going to happen as we enter into spring. This is the last Saturday, of course, before spring, and it\u2019s a great time of year and a tremendous time to be out looking for property.
\nCate Bakos joins me. Hi, Cate.
\nCate:\u00a0 <\/b>Hi, Kevin. How are you doing?
\nKevin: \u00a0 <\/b>I\u2019m well, thank you. Happy almost-spring to you.
\nCate:\u00a0 <\/b>Yeah, almost. We\u2019re just about there.
\nKevin: \u00a0 <\/b>Tell me about what\u2019s happening with stock levels. Does it change as we move from winter into spring?
\nCate:\u00a0 <\/b>Yes, it sure does. The sheer number of listing alerts that are coming through on anyone\u2019s search engine alerts should be demonstrating that.
\nWe\u2019ve had a reasonably tough winter. We have a stock shortage and, obviously, buyers who are out there feeling that they\u2019re hard-pressed to buy and get good value at the moment. But as we come into spring, our relative number of buyers to properties is dropping, and that\u2019s advantageous for buyers, because obviously, it\u2019s diluting the buyer pool. Perhaps that will take some of the heat off some of those crazy sales results we\u2019ve seen through July and August.
\nKevin: \u00a0 <\/b>They did surprise me \u2013 particularly out of Sydney and Melbourne \u2013 when we\u2019re supposed to be going through not so much a lean time but one of the slowest times of the year. But it just seemed to gather pace and continue going.
\nCate:\u00a0 <\/b>That\u2019s right. It\u2019s a combination of sentiment. We\u2019ve had a lot of media talk about records and crazy results. I think a lot of people have been feeling that if they don\u2019t do something now, the market will get even further away from their fingertips. So we\u2019ve seen some really desperate moves and some big stretches on the part of some of the buyers out there.
\nI don\u2019t think that that\u2019s actually the case this coming spring. I think they can not necessarily relax but look forward to enjoying a little bit of ease <\/b>on the pace of the market and the competition.
\nKevin: \u00a0 <\/b>How would you describe the market at present? Is this a buyer\u2019s market or a seller\u2019s market?
\nCate:\u00a0 <\/b>It\u2019s still most definitely a seller\u2019s market, and our auction clearance rates indicate that.
\nKevin: \u00a0 <\/b>Any signs that that may change as we get further in towards the end of the year?
\nCate:\u00a0 <\/b>I don\u2019t believe that we will see a buyer\u2019s market this year, Kevin \u2013 I don\u2019t even think that we\u2019ll see it in the next year \u2013 but I think we\u2019ll see not quite an intense seller\u2019s market. I think things will ease a little bit. I anticipate that our auction clearance rates may even get below 75 and even touch 70, certainly for certain segments of the market.
\nI know that you\u2019ve also addressed the APRA changes and how that\u2019s affecting parts of the market. We might well see typical investor stock \u2014 for example, apartments and townhouses \u2014 ease off a little bit, but I think that houses will still be going relatively strong. I just think that buyers are in for a little bit of a pleasant surprise compared to some of the hardships that they\u2019ve faced over the last couple of months.
\nKevin: \u00a0 <\/b>That certainly will be a surprise to a lot of people, and probably a refreshing change, as well. You must have seen a lot of disappointed buyers in recent times \u2014 even you \u2014 going along to auctions and being outbid.
\nCate:\u00a0 <\/b>Without a doubt. Trying to secure a property prior to auction is a lot harder. I\u2019ve put a lot of emphasis into chasing off-market opportunities, because my auction success percentage has dropped over this period, as well, and that\u2019s no surprise. It often does in winter, when things are really competitive. But I think buyers are in store for a little bit of a pleasant surprise. I certainly hope so, anyway.
\nKevin: \u00a0 <\/b>When you\u2019re going to an auction, Cate \u2013 just give me a bit of an insight here \u2013 you obviously have a figure in your mind. How flexible are you about that, and do you set a limit underneath the figure that you\u2019d go to?
\nCate:\u00a0 <\/b>I\u2019ll always appraise the property and give the client a really robust understanding of what I think it compares to, and then obviously, you\u2019re overlaying market sentiment. If you\u2019re in a really tough, really strong market, you do have to be prepared for the next sale to break the last record.
\nHaving said that, we always set our maximum price before the auction so that we\u2019re not emotional when we\u2019re doing it, we\u2019re being sensible. I say to everyone if it\u2019s an investment purchase, you don\u2019t want to be breaking records \u2013 so maybe being prepared to stretch up to 3% from the top end value of where you think the property sits.
\nBut if it\u2019s an owner-occupier property, we really have to overlay the buyer\u2019s sentiment around that particular property, as well. If it\u2019s a really tough brief and they have very specific criteria, and that property ticks most of the boxes or all of the boxes, then we have to understand what the implication is if we miss out on the property, how much longer they\u2019ll need to stay in the market and what that could do to the values in that segment.
\nSometimes buyers will stretch maybe 5%. Generally speaking, I wouldn\u2019t be excited to see someone go beyond 5%, because that is quite a bit stretch, particularly when you\u2019re talking about a house towards maybe $1 million.
\nWe obviously set every limit based on that particular client\u2019s situation and criteria, but yes, as I\u2019ve just said, you do need to be prepared to stretch a little bit in a seller\u2019s market.
\nKevin: \u00a0 <\/b>Always good talking to you, Cate Bakos. Thank you so much for your time. Cate, of course, an independent buyer\u2019s agent working out of the Melbourne market, Cate Bakos Properties.
\nCate, nice talking to you, and we\u2019ll catch you again soon.
\nCate:\u00a0 <\/b>Thanks so much, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  As we prepare to enter Spring \u2013 one of the busiest real estate times of the year \u2013 we take stock of the market and give you an insight as to the market conditions, level of stock availability and how not to pay too…<\/p>\n","protected":false},"author":176692471,"featured_media":5543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,25],"tags":[101],"class_list":["post-5542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nHouse Hunting This Spring? - Cate Bakos - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/house-hunting-this-spring\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House Hunting This Spring? 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