This is why FOMO is driving up property prices

Our property markets have been surging this year with double-digit growth in sight for all our capital cities. And now that more Australians feel secure about our economy in general, and their jobs in particular, this will only place more impetus under our markets.

I recently heard someone suggest our housing markets are on a Mexican wave. Fear Of Missing Out.
You know, like what happens at the cricket or football when they used to allow people to go to the MCG. One person starts and another joins until the whole crowd has their hands in the air and the circular intensity builds and builds.

And this is showing itself as FOMO (fear of missing out) – when homebuyers and investors are scared the market is running away from them. They feel they must get into the market and this is showing with even secondary properties selling well above their vendor’s expectations.

Thinking of selling? Call Mint Residential to maximize the sale value in your property.