IF I AM CONSIDERING SELLING , WHY SHOULD I GO TO MARKET NOW ?
SUMMARY
• RBA says responsible lending obligations will speed up loan approvals .
• Buyers keen to secure a property before Christmas .
Many of our customers want to know what ’ s happening in the Australian property market now . While we work in the now and use our real time market data , we know there are many risks to the economy in the future . We still believe now is a good time to come to the market . functioning , as well as the evolving recovery from the pandemic , including the outlook for jobs and inflation . As we have been saying for a long time , we don ’ t know what the future holds but right now the market is functioning at a high level .
Right now there ’ s a rush among buyers to secure a home before the end of the year which bolstered the property market last weekend . A shorter than normal hiatus is expected over Christmas this year . This year ’ s selling season will be extended with new listings continually being added to the market and auctions being booked right up to Christmas eve . Buyers say the cash rate cut is helping to boost confidence as they know their repayments will remain low for the foreseeable future . Demand has been strongest from first-time buyers and upgraders , many of whom are spending money on a house they might otherwise have used on overseas holidays , which have been stopped because of COVID-19 .
The Reserve Bank last week said the pending relaxation of responsible lending obligations will simplify and speed up the loan application process . Banks will still be required to comply with the prudential regulator ’ s lending standards of sound credit assessment and approval criteria .
The central bank board also said there was little to be gained from short-term interest rates moving into negative territory and maintained the view that a negative policy rate cut was extraordinarily unlikely . At its next meeting in December , the board will closely monitor the impact of bond purchases on the economy and on market
“ Right now there ’ s a rush among buyers to secure a home before the end of the year .”
Seller and very experienced renovator Adem Assad just sold his latest home at 99 Charteris Drive , Craigieburn on Saturday for $ 716,000 , some $ 26,000 over reserve . This was the 16th property the 30-year-old has renovated and the fifth he ’ d successfully sold through leading local agency Ray White Craigieburn . For the owner , who works in the new home building market , styling his home was the key to success .
“ I am really happy with the result . I recreated a display home and all the furniture and white goods were sold with the home . I was looking for a point of difference to stand out in this market ,” Mr Assad said .
“ This was my 16th project and I don ’ t think I will ever have a forever house as I love building and renovating . I spend my days helping my clients design their homes as I work full time in the sales side of the building industry and I work all night on my own projects . I have become an expert tiler , painter and even plumber during COVID , out of pure necessity !
“ Selling during the COVID era was fine , we had some delays getting the photos taken but otherwise all good . I have worked with Daniel before and he ’ s a pro agent .”
8 The information is general information only , not financial advice , and does not take into account your individual objectives , financial situation or needs .