Weekly Property News 26th Edition 2021
“We are 6 weeks until Spring”
Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 26th edition of the Property News for 2021 where real estate information is on the house.
So, here we are again, we have done it before and although is it a little tougher each time on everyone we know we can get through Lockdown 5.0. Lockdown affects everyone, particularly those in industries that have had no choice to close their doors, but a special mention needs to go out to all the mum’s and dad’s that are homeschooling but also working from home and of course, it’s tough on all kids as it affects both their learning and socialising.
Let’s now move onto the news in the property market, real estate is physically closed in terms of inspections and auctions but transactions are still occurring, we are still able to auction properties online and complete final inspections and commence leases. There were 186 auctions withdrawn last weekend, many being postponed while lockdown, however, there were many agents and sellers adapting to the online auction, we saw 709 auction results reported with 68% of those selling, same time last year we had only 44% selling.
We have 6 weeks until Spring and there is a shortage of homes on the market in comparison to the levels we saw earlier in the year. The graph below details the June new listing volumes from realestate.com.au. You’ll see that both NSW and Victoria have had a contraction in supply in comparison to Queensland and South Australia and you’d put some of this down to Covid for NSW but that’s not so much the case for Victoria.
The July numbers will be interesting to see for Victoria as you’d expect the contraction to deepen in line with our lockdown. While supply is down, it’s a great time to consider selling as scarcity of homes will assist in selling your home at a higher price and in a shorter time frame.
There is no doubt Aussies are digesting the fresh covid concerns and its impact across the market, however, history says it will bounce back strongly, particularly with the acceleration of the vaccine roll-out, low unemployment and policy stimulus we should see confidence remain in the market.
Now let’s take a look at the latest news edits associated with the property market.
– The major banks announced that they will be again providing mortgage relief support to those experiencing hardship through Covid-19.
– The Weekly ANZ Roy Morgan Consumer Confidence poll has taken a dip in the last week with a 5.2% fall, the most in 15 months to an 8-month low.
– With OPEC Oil announcing an extra 400,000 barrels a day in production and with our roads emptying we are seeing petrol prices trend down, so far they are down 25 cents a litre from June.
That’s all for this week, I’m Dean OBrien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.