Weekly Property News 27th Edition 2021
“NAB increases growth predictions”
Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 27th edition of the Property News for 2021 where real estate information is on the house.
Typically, at this time of the year with a little over one month left of winter, we definitely start to receive more inquiries from our spring sellers considering the sale of their home in the upcoming warmer months. In winter we always have a contraction in properties on the market and this has been heightened with lockdown 5.0. Right now, we have many more buyers in the market and not enough sellers, which ultimately means sellers are likely to achieve a better price.
Which makes it hardly surprising that NAB released its Residential Property Survey for the second quarter of 2021 this week revising up its outlook for home prices in 2021 to a 17.6 percent rise in Melbourne. NAB has though
pulled back the price growth in 2022 and expects dwelling prices to rise by a more subdued 3.5 percent as affordability constraints begin to bite. NAB also reported it expects interest rates to remain on hold until early 2024 similar to what the Reserve Bank of Australia is reporting.
Looking at the auctions over the weekend, there were 605 virtual auctions reported with 399 selling with 185 withdrawn providing us a clearance rate of 66%, this time last year we saw a 45% clearance rate.
With lockdown 5.0 over real estate is now back open and we are excited to be able to physically conduct auctions and private inspections of properties. Across OBrien, for the week we saw 77 new listings hit the market and we completed 55 sales. We are expecting a busy end of the year due to the backlog of demand, and we expect auctions will prove to be a very popular sale method for the remainder of this year.
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.