Melton We may be in the midst of a global pandemic but that hasn’t slowed down the real estate market, in fact in some places it seems to have done the opposite.
According to figures from Domain, properties in Australia’s biggest capital cities have been selling faster than they were at the same time last year.
In Sydney it took 69 days on average to sell a house in the June quarter, compared to 87 days a year ago.
The time it took to sell a house in Melbourne was down too, from 84 days last year to just 59 days this year.
There has been a lot of pent-up demand in these two markets and with fewer homes going up for sale than usual there has been a lot of competition amongst buyers, forcing them to make their moves quickly.
Looking ahead
While there is still an air of uncertainty surrounding the coronavirus and the country’s future, people who haven’t been affected financially are feeling much more confident about their position than they were in March or April and are willing to get on with the business of buying or selling a home.
There are a lot of incentives that are helping to drive the market forward too, and those who are in a position to buy property are seeing now as a good time.
What’s driving buyers into the market?
- Cheap mortgage rates – Money has never been cheaper. With the current cash rate sitting at a record low 0.25 per cent, and not looking to go anywhere anytime soon, it’s a good time to shop around for a deal and make some savings.
- HomeBuilder grant – If you’re looking to build or renovate then the federal government’s $25,000 HomeBuilder grant provides a nice little boost. First-home buyers can couple this with their state-based grants and concessions to give them a solid leg up into the property market.
- More homes coming up for sale – There hasn’t been a great deal of choice for buyers over the last few months, but as we head into spring and seller confidence resumes, there may be a greater deal of properties on the market to choose from.
