Is Santa still delivering early Christmas presents?

Today is 22nd December. Christmas is just three days away. Solicitor’s offices are now all closed and buyers have decided that they’ll enjoy the festive cheer and recommence their property search in 2020.

But are vendors and agents doing the same?

No, not at all.

This year has been an unusual year in property for a few reasons. Not only has it delivered one of the fastest and most dramatic turnarounds from a Buyer’s Market to a Seller’s Market, it has delivered some particularly late sales this year.

We are still buying property.

Yesterday marked our end of year finale and we celebrated together with a late lunch, but even in transit to the venue we were executing two contracts, negotiating a third purchase for the day and speaking to our amazing legal professionals out of business hours about an auction scheduled for Monday 23rd in the evening.

That’s right. Monday 23rd. Even more fascinating is the fact that the property hit the market on Thursday. This vendor, for whatever reason decided that a five day campaign was what they would facilitate.

During lunch we received a text message from an excited client who inspected a house in the inner north and wishes to pursue it. We arranged an inspection time with the agent for Monday and provided the property, the due diligence and the contract are uncompromised, we may be negotiating one more acquisition before Christmas Day.

What will be interesting in the new year is gauging the number of vendors who decide that the market conditions are now conducive to a strong sales result. We may find that our undersupply issue is minimised when the Core Logic figures come out in late Jan with some firm growth for 2019 echoed in the stats.

2019 has been a challenging year for many in the property industry. From tough conditions at the start of the year, to rampant growth, highly competitive bidding and a very busy finale.

We’re all a bit tired and very much looking forward to our break, but until Santa climbs down the chimney, we likely have some exciting acquisition assignments to work on for our dear clients.

I’d like to take this opportunity to thank our trusted professionals who constantly help us out beyond 9-5, you know who you are. Our legal reps who review contracts in front of Saturday night footy, or help us to the extreme with due diligence, our building and pest inspectors who work from su- up to sun-down for us some days (including the one who is inspecting for us right now), our amazing mortgage brokers, financial planners, accountants, quantity surveyor and property managers who are like extended team members… but most of all, I want to thank my amazing staff and their patient and supportive partners, and my two beloveds.

They know what it’s like to order a meal and have their partner/Mumma outside on a negotiation call while the dinner is half-eaten, to see very little of them in late spring, and to ride the emotional wave of excitement and disappointment when auctions determine how a Saturday is likely to go.

And finally, wishing our loyal clients and supporters a Merry Christmas, a safe festive season and a prosperous 2020.