We’re halfway through the Spring selling season as we wind down a year that’s been like no other. The property market, like everything else, hasn’t escaped the effects of Covid – but those effects have been very different to what most predicted, surprising us all with a level of competition that hasn’t been seen between buyers in many years.
Property for sale across Australia is at a 10-year low, with new listings increasing only marginally in the month of September and overall stock for sale actually falling. September has been the lowest volume of any month in 2020, even lower than the holiday months of December and January. This time last year, 23,200 MORE homes were on the market.
This low supply has contributed to such high demand and homes are selling faster than they can be replaced by new listings. In our area we’ve seen many buyers taking advantage of record-low interest rates and a significant surge in Sydney buyers relocating to the Central Coast with the work from home scenario becoming a reality. It’s simple supply and demand, and it’s created a market where we’ve seen multiple street records broken, homes selling often within a few days of hitting the market, and online property enquiries up by some 70% on this time last year.
A great example of this was seen recently in 22 Mundoora Ave, Yattalunga which in the first few days of hitting the market saw over 100 online enquiries, 36 inspections at the first open home, and 6 offers submitted. Similarly at 10 Brighton Rd, Saratoga an auction campaign over 4 weeks generated 84 inspections and 10 registered bidders battling it out on the day with a final sale price well over reserve.
For those considering a sale then the time to list is certainly now. As life continues to return to ‘normal’ it’s difficult to gauge how long these heated conditions will last for. Your choice in agent is also imperative, as the skills needed to truly exploit this market and create competition on your home will mean the difference between a good result, and a truly outstanding one. We are proud to be the number one agent of choice in our area, and as always welcome any enquiry should you be curious on what the value of your home has done in 2020.