The property market data shows that the Covid lockdowns and recessions have no impact on Australian property prices as they continue to rise. The property values went up by 10.6 per cent — the highest rate of annual price growth since September 2003.
There’s a sky-high demand for residential homes by first-time buyers and not enough property listings. Record-low interest rates, work from home format and various government stimulus programs have skyrocketed the demand for property buying. Scarcity remains the key driver for the significant growth in residential values across Australia.
This is the perfect opportunity for vendors to spring into action and maximise their chances of getting the best selling opportunity in the current booming market, even in lockdown.
The agents have reported that buyers continue to flock and venture into the market. The eagerness to purchase a home is unparalleled as people are willing to buy homes and close deals without even setting a foot inside the property.
The Real Estate Institute of New South Wales (REINSW) experts advise both buyers and sellers to come to the market sooner as the demand is high and property listings are low. It’s a win-win opportunity.
The vendors are wary of selling during this time because of lack of confidence, lockdown restrictions, travel restrictions. They are waiting for lockdown restrictions to ease so they can open their home to visitors. But if the vendors wait too long for the lockdown to lift, and to sell during ‘better times’, then they might miss out on great opportunities right now.
Interestingly, it has come to notice that a lot of buyers are just buying virtually after a FaceTime tour and making unconditional sales straight away or coming back in a day to get the deal sealed!
The people who made impulsive decisions to sell their homes quickly are unable to find suitable properties that match their criteria. The market keeps increasing so either the houses don’t fit the budget or they can’t find the right home because of low stocks and lack of options.
The CEO of REINSW, Tim McKibbin mentioned, “We have had at least five or six weeks where auction clearance rates have been over 80 per cent and while it doesn’t represent the entire market, statistically, it is big enough to give us an indication about the strength of the market,”
Once lockdown ends, the listings will increase sharply and see a surge by spring possibly overpowering the strong demand caused by the return of ex-pats. This is the right time for prospective vendors to hire a real estate agent, get their property ready to sell, and create targeted marketing campaigns to maximize opportunities before the market becomes overcrowded.
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