We are now moving towards a balanced market but still seeing high levels of enquiry coming in & still plenty of buyers actively looking.
I want all our vendors who are considering coming to market to be fully informed.
Across the portals and our own site we are seeing strong inquiry levels, coupled with strong bidding off the back of low interest rates.
Supply and demand is trying to balance or at least heading in that direction, drawing a lot of people out as they are hoping to see more choice to consider.
There’s a lot of activity now but I cannot say what the future holds and if stock will flood onto the market in spring.
Now is the time to sell, and I am confident with a good market campaign, our vendors can achieve great results.
• Australian Financial Review: The fundamentals of the Australian housing market are intact despite the economic upheaval caused by the COVID-19 lockdown, says a senior executive at one of Australia’s largest listed residential property owners. The state of the housing market has been a key barometer of economic health. “We have seen clearance rates strengthen from their lows,” Domain senior analyst Nicola Powell said. Dr Powell said auction clearance rates above 60 per cent typically indicated house price inflation while any measure below that pointed to softening. “That [softening] is more or less what we saw in May. In the first two weeks in June the clearance rates have been pretty strong,” she said.
“But we have to remember we have seen a pullback of buyers and sellers. That in itself is helping the support clearance rates.”
In recent activity – a huge jump in registered bidders across the country saw 5.2 bidders sign up to bid on every lot across Ray White’s Australian auctions.
To put that into perspective, that’s more than double the number of bidders at the same time last year.
Volume was also the highest it has been all year with 548 auctions scheduled nationally this week, up 30 year on year, with confidence rebuilding each week post-COVID.
The strong buyer interest propelled Ray White’s preliminary auction day clearance rate to 74 per cent nationally today.
“The competition for property is as strong as ever – and with demand very much outstripping supply right now – there’s never been a better time to list your property.” Dan White