THE ROLLERCOASTER THAT IS BUYING AND SELLING IN A HOT MARKET

Residential real estate is always emotional. Owners are selling homes filled with memories, and buyers are stretching finances and calling in favours for the chance to secure their slice of the property market. But in recent weeks, emotions on both sides have reached a new peak. Buyers who miss out are more frustrated than ever. Losing a property hurts, but the outpouring of emotion from unsuccessful buyers has intensified. 

Last week, a buyer involved in a multi-offer situation wrote to complain after missing out. They acknowledged the agent had clearly provided a multi-offer form explaining they needed to submit their best and final offer, yet they believed it was a negotiation tactic and expected another chance. When that opportunity didn’t come, they looked for someone to blame. Another buyer attended a ‘no reserve’ auction hoping for a bargain. When the property sold for a premium, they were upset, believing the auction should have favoured them simply because they turned up. My advice to buyers is clear: the market is strong. If your agent tells you there is competition, believe them. If you sign a multi-offer form, be explicit with your expectations and understand the rules before the property sells. On the other side are sellers. 

An owner who achieved a suburb record only two weeks ago called me after speaking with friends who suggested they could have achieved more next year with the Olympics on the horizon. Despite the exceptional result, doubt quickly crept in. This is the reality of real estate: it is now a market. Your property is worth what a buyer will pay today. Future gains or losses belong to the next owner. The key is to make informed decisions, stay grounded and recognise that emotion will always be part of the journey. But it should never drive the outcome