Market Minutes | John Cunningham & Ben Jones

05 May 2022

Welcome to our new video series Market Minutes.

This week John Cunningham and Ben Jones discuss the current state of the property market and the upcoming election and what it means for you in these current conditions.

We hope you enjoy our mini series and keep a look out for more to come…

Read the transcript here:

John Cunningham:

Hi, it’s John Cunningham and Ben Jones from Cunningham’s with today’s market minutes. So Ben, there’s been some interesting stuff going on in the media. There’s been a lot of talk about what’s happening in the market, positive, negative impact. It’s all over the shop. I’ve never seen such a variety of opinions on what’s going on in the market. I’d love to get your opinion on what the top things that would be great for people to understand what’s happening right now.

Ben Jones:

What we’re seeing, I guess, first and foremost is there’s a bit of a two tier market. And what I mean by two tier market is we are seeing a lot of buyers and particularly buyers have been looking for a few months now are holding back now. They’re holding back and looking for that bargain alongside the fact that some owners, some sellers, are just not wanting to sort of understand what’s happening in the market and not coming to the realization of what’s happening in the market today.

Ben Jones:

Therefore, now that we have moved into a changing market, we have moved from that boom into a more stable market. We are seeing these two things are creating a bit of a price alignment, and we’re talking anywhere from 5% up to 15%, depending on the type of property we have on offer there. However, on the reverse side of the coin there, we are seeing a lot of new buyers into the market. A lot of pent up demand so when we do get those really good properties out, what we call A grade properties, we are still seeing them running really hot at the moment.

John Cunningham:

So, Ben, what do you think the second thing that is important for people to understand at the moment is?

Ben Jones:

Number two, and we see this all the time is the election. The election obviously creates a lot of confusion for a lot of property consumers out there not knowing what’s going on, but interestingly enough, it’s the savvy experience buyers that know once the election’s done, the dust is settled in a few weeks time, everything’s back to normal, it’s business as usual as, as we always say.

John Cunningham:

It’s interesting isn’t it, because it’s just every election I’ve seen. I’ve seen a few with my age. For some reason that happens and then it doesn’t matter what happens at the end it’s business as usual.

Ben Jones:

Exactly.

John Cunningham:

But right now it sort of slows the market down to an extent. So there are opportunities there for some buyers or some sellers?

Ben Jones:

Yeah. There’s some great opportunities out there at the moment, because as we always say “a confused mind stalls” and that’s what’s happening in buyers at the moment, they’re sitting back so the opportunities are now rising for a couple of those buyers to take advantage right now, whilst we’re in this last few weeks of the election campaign.

John Cunningham:

And you also mentioned the fact there’s a lot of new buyers entering the market as well. So for sellers, it’s not like it’s the end of the world. There’s actually still plenty of activity going.

Ben Jones:

Still a lot of activities, still a lot of transactions happening. We’re not seeing too much a change, but I think come once the election has finished, then things will move along.

John Cunningham:

As usual. So again, watch this space folks and stay tuned for the next installment. Thanks, Ben. Really appreciate your time.

Ben Jones:

Thank you.

 

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