Sydney's Property Boom Will Continue Till Christmas and Beyond
Well, welcome to Spring lockdown everyone and understand we should feel very blessed that we can even visit a property to buy, as in Melbourne all property inspections have ceased completely.
As I write my property market update, auction clearance rates are up around 85% once again and properties for sale are down about 30% overall and in some places like Mosman, down 40%.
So where does all this craziness take us till Christmas and beyond? I would have to say that we are going to be in a market of very low stock for Spring (the lowest ever probably), combined with huge demand, which in turn will keep prices very strong.
A lot of people will be more concerned about getting the kids through home schooling, booking a holiday out of lockdown, and getting some sort of continuity back in the workplace before they think about selling their property.
In saying that, the advantage for the buyer at present is that any vendor that is coming on the market is very serious about selling because with all this covid stuff going on, why wouldn't you just wait until next year when open inspections and a normal market start to occur after vaccination rates are up.
So that brings me to next year in regards to what will happen then. If I had a crystal ball which by the way, lately has been broken due to a certain disease running around the country called covid. But, if I was to have a stab at it, I think a lot of vendors will decide to come on next February when it all settles down, and they just say goodbye to 2021 which was a weird and challenging year.
In 2021 up until Christmas, I think a lot of buyers will miss out due to stock levels and then those buyers will continue to overflow into 2022, which will keep the market strong until the federal election in May next year.
PK'S Hot Property tips
Not a bad time to buy at the moment as agents are not loving 3-5 hour private inspections, and hate doing zoom auctions. Everything had to be sold at auction before, definitely not the case now, but when open inspections come back, it will go back to selling at auction. P.S. you will need our Buyer's Agents services more than ever at present because the high majority of properties are all off market.