Jekyll and Hyde

It’s slightly ironic, as we come to the end of Mental Health week, that the real estate industry is having an anxiety attack and from my remote diagnosis, showing signs of bi-polar disorder.

Yesterday, while the REIT CEO was busy participating in a feature on the North-West of the state, detailing how tough the Tasmanian market was, giving quotes on sales being down 20% and where blame should be apportioned, the newly minted REIT President was at the other end of the state, talking up Tasmania - with higher demand and strong interest from speculators.  

Somebody is off the reservation, or possibly hasn’t even arrived on the reservation yet. Whatever the case, the REIT needs to get their communications in order, maybe a dose of Malcolm Tucker would do the trick. A united front at least gives the appearance, to the less nuanced amongst us, that everything is fine.

It’s clearly not.

The lead for the article was an unfortunate boast – “Sandy Bay is makin’ it rain: Dollar bills for agents y'all!”

Hardly a revelation - the priciest suburb in the state is making fat bank for the agents. We were also treated to the knowledge Devonport is apparently the most affordable market in the state, with a 250k median and 240 homes sold last year.

And based on those figures, how fantastic it is that Devonport currently has a 10 month supply of property above the median of $250,000? Waiting, waiting, waiting.

As the supply side stacks up, with some markets 30% more crowded than they were at the beginning of the year, the game of recycling old listings as new is on in earnest. 

Like Deanne told us yesterday, “when the boom was on…you really didn’t have to do anything.” 

Fantastic, they can now put their skills and knowledge to work. I'm sure real estate agents have long dreamed of the time when they can apply themselves.

Cold calls, mass emails and more recycled listings, here we come.