LEAD AGENT & AUCTIONEER
TORRES PROPERTY
This month we were fortunate to catch up with Jack Barrett from Torres Real Estate. Jack has been a lead agent for less than two years. We asked Jack for some insider info on the recent years vs recent months in the property market and here’s what he had to say…
“In 2021 the property market was hot, it was booming, it was easy, everyone was an agent, everyone was selling daily, you really didn’t have to do much because sellers were getting offers and accepting them as they came through. It was interesting to see the change in 2022. The market felt a bit more difficult last year and we were seeing houses sit on the market for 60 days without an offer. This was quite different to the year before and suddenly all agents really had to work to get sellers the prices they were wanting. The houses that didn’t sell eventually came off the market and we were able to hold off until this year.”
“More recently, properties have been selling well again. I have seen that change in the market and it is definitely a seller’s market. In the last couple of months for example, those four properties have been sold both on and off market for more than the offers were last year. We can see a strong improvement and continue to see the prices increase. With the expectation that interest rates will drop over the next year, our suspicion and prediction is the market will increase. With the amount of infrastructure in Brisbane, the market is going upwards, the city is going to a new level, especially with the Olympics on the horizon. Now could be a great time to buy prior to the market going up in the new year.”
“Build relationships with local agents in the areas you want to buy, that way if they have something off market, they will be more inclined to reach out to you. Be strategic and make a plan for if you want to purchase an investment or if it could potentially be the place you want to live in in the next few years. Research the area before you purchase. Have your pre-approvals ready to go, so that you know your buying capacity, a pre-approval helps you to understand a realistic figure and helps you to correctly target the right property and area.”
We are so thankful to Jack for his tips, knowledge, experience and insights this month. It was great catching up with Jack and hearing about his experience in the property market over the last couple of years.
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