Real estate agents in Australia are predicting an unusually busy Christmas this year because of lockdowns throwing off the normal seasonal flow of the property market.
Christmas 2021 provides a window of opportunity for potential buyers to snag a bargain on the property prices. The increased stock levels are softening the supply/demand imbalance and markets are predicted to be unusually busy.
Typically around this time of the year, many agents want to get their properties sold before Christmas so they are more open to price reductions. It is one of those times where buyers have more power over the vendors.
Investors are capitalizing on this opportunity to snap up a savvy investment.
Usually, property buyers lose interest at this time of the year as they turn to summer holidays or warm festive pursuits rather than property search but as new listings are rising, some buyers are thinking of it as a window of opportunity before the international borders re-open, especially in Sydney and Melbourne.
The housing market this year saw really low stock options but with the reopening of borders and lifting of lockdowns, the housing market has changed in all majorly populated cities.
In Australia, permanent immigration has been lifted to above 200,000 to alleviate Australia’s skills shortage. Until the record low international arrivals are replaced with a new wave of arrivals, there are chances for property buyers to get a good bargain. Currently, Australian buyers have less competition and potentially more choice because international travel hasn’t picked up.
The two months period — December and January is an exciting time to invest in a property with less competition.
Due to transaction costs, property investments tend to work well if you plan to invest and hold over the asset over a reasonable time horizon.
Buyers are advised not to fret about the small pricing movements as it tends to become immaterial over a decade. Take a medium or long term focus with regards to prices and try to think what the prices will be 10 years down the line.
Since the property market is resilient right now and everyone’s goals and situations differ, buyers should seek individual advice or expertise.
You can’t time the market so it’s better to find real estate agents who can give you better advice on whether to hold off or buy now.
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