08
FEBRUARY EDITION
IF I AM CONSIDERING SELLING , WHY GO TO MARKET NOW ?
SUMMARY
• FOMO fears among buyers .
• Strong demand but limited supply .
Currently property buyers are heading back into our housing markets in droves , all keen to get a foothold as property values are surging in many regions . You can sense that there ’ s a level of FOMO ( fear of missing out ) starting to kick in among buyers . But they are finding limited stock , with seven of our eight capital cities having significantly less properties for sale than 12 months ago . Strong demand at a time of limited supply must lead to property price growth .
While we know there are still broad risks to the economy with JobKeeper set to finish at the end of March and wages growth still low , we still believe now is a good time to come to the market given the basic fundamentals are sound . Buyer demand has never been so strong and all the indicators continue to point to continued growth .
The rise in housing values is occurring against a backdrop of low advertised supply and rising buyer activity . Inventory levels started 2021 in a tight position . Melbourne and Perth were the only capital city markets to buck the trend , with new listings 20 per cent higher than a year ago in Melbourne and 2.2 per cent higher across Perth . Melbourne vendors may still be playing catch-up from the earlier lockdown period , while in Perth vendors seem to be relishing the best selling conditions seen in many years .
The rental market dynamic has changed substantially through COVID-19 but there are some early signs that weakness across the unit sector is starting to level out , if not turn around . Rental demand has transitioned towards detached and lower density housing markets since the pandemic , partly reflecting the disruption to rental demand from overseas migration , but also the stress of changed working conditions , caused by COVID-19 restrictions , in industry sectors that are traditionally more aligned with rental demand . Additionally , with more people working from home , demand for larger housing options has lifted .