Manor Castle Hill

MARKET UPDATE Despite predictions of a downturn, that seemed to be a reality earlier in the year when COVID-19 first appeared in the headlines, prices have continued to surge to new highs and auction clearance rates went right back up with them. 2020 has been a year where we started to see listings slow. Any homebuyer in the current market can tell you that there’s far less to choose from than at almost any other time in the cycle, which has left many in a stalemate – sell and struggle to buy, or struggle to buy and hold off on selling? The one lesson we should all learn from this is that the property market changes faster than you might think. What this means for buyers and sellers is that it’s always hard to predict what the remainder of the year holds, and spring 2020 will likely be as unpredictable as ever. You should be determining your own buying and selling actions by looking at your personal circumstances and what suits you best. Already, we’re beginning to feel a shift in the market. A lot of people have sat on their hands through 2020 and now they’ve waited long enough, it’s time to sell. Based on the level of inquiry we’ve now seen, and those that will turn into sellers, we’re anticipating a strong spring selling season that’s expected to run into summer 2021. Due to all of these drivers, we’re expecting sales volumes to increase in the final quarter of 2020, but what the flow-on effect of this will be to prices, and buyer activity, is yet to be seen.