Ray White St Huberts Island

Mid-summer is normally one of our quietest times of the year. Being the holiday season, it’s very difficult to put a judgement on supply and demand. But in January 2021, the RayWhite Group recorded almost $3 billion in sales across Australia, up an astonishing 49% on the same time last year. Buyer activity has actually increased dramatically. Prices achieved under the hammer were on average 11% higher than the highest offer pre-auction. Property values have risen to new highs on the back of record low borrowing costs, stimulus payments and low stock levels. The favourable selling conditions have also prompted a spike in new home loan commitments. We have confidence the current extraordinary momentumwill endure well into 2021, especially as our central bank continues to forecast very low interest rates for at least the next three years. Naturally we’ll keep a watch on demand given our Federal Treasurer Josh Frydenberg has ruled out the possibility of an extension to JobKeeper beyond the end of March. What we do know is market fundamentals right now are helping our clients who are looking to sell. Continuing a trend that became evident early in the pandemic, demand for regional housing rose at more than twice the pace of the capital city markets in January. There’s a deep buyer pool for sellers to take advantage of. Our question remains, “What are you waiting for?”. We’d love to speak with you today! MatthewKidd Principal, RayWhite Bensville/Empire Bay What’s happening in our market?