Dr Sam Wylie

So inflation's up.

So we know interest rates are going to go up because the Reserve Bank's told us.

We know that that's going to make demand for properties very soft.

And we know that that will cause prices to fall.

Now, I was saying a moment ago, people are exaggerating how much prices are going to fall because they don't understand the supply and demand dynamics here.

They haven't had a good look at the data over long periods of time.

But prices are going to fall.

And if you don't know where the bottom is, then it's a good idea if you make an offer to really lowball it, to come in with lowball offers so you don't have buyers' regrets.

where you were thinking of buying something, I'm just gonna choose some numbers here, I've got no idea what you're thinking of buying, but let's say you were thinking of paying 700K for an apartment.

And what you don't want to happen is to buy it for 700K and then the price to, you know, sometime soon similar apartments to be selling for 620K or 600K.

And a way to avoid that is if the property is selling for 700K, then come in with an offer that's only 80% to 85% of that.

So come in with an offer of under 600K.

Now, if you were worried that the market would go up while you were doing that, you would come in with a full offer because you're worried that someone else will buy it and you won't get it.

You might even come in, if it was 700K, like a year ago, if it was 700K, you might even come in with 710K because of the fear of missing out.

Well, that's all gone now.

And the opposite of the fear of missing out is the fear of paying too much.

And the way to avoid the fear of paying too much is to take your time.

And when you make offers, lowball it.

And when you, just say one last thing, I know I'm going on here a bit, but when you speak to the realtors, okay, if the offer is too low, the realtor will say to you, I'm not taking that offer to the vendor.

So at $700,000, if you come in with $550,000, the realtor is likely to say, oh, look, Kate, I'm not taking that to the vendor.