Ray White St Huberts Island

Everyone is talking about the property market. It was only a year ago that analysts said the market was set for a monumental correction, and now the word ‘overheated’ is their go to phrase. Hyperbole aside, we understand what is happening. Australia’s credit cycle has turned upwards, reflecting growing confidence and recovery in the economy. New lending for housing is around 44% above the pre-COVID level of a year ago. The upswing in buyer demand has not been met with the same level of increase in inventory which has resulted in an almost palpable sense of urgency among buyers which puts upward pressure on housing prices. The speed of the sale is most definitely increasing as new stock is being absorbed very quickly by the market. Buyers are more educated and moving with lightning speed if they see something they like. They have their finances in place and they are very determined right now. Our data also shows that last month clients achieved prices of almost 12% more on average under the hammer than by accepting the highest offer prior. This is an indisputable fact and something to consider is you are thinking about selling. You have more to gain by going all the way to sell in an open transparent way at auction. We see nothing on the horizon to suggest the current momentum will slow in 2021 and likely well into next year. Buying, selling, investing, be it your first home or upgrading – we invite you to get in touch and experience the Ray White difference for yourself. Matthew Kidd Principal, Ray White Bensville/ Empire Bay What’s happening in our market?