Weekly Property News 33rd Edition 2021
“A Tale of Two Cities”
Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 33rd edition of the Property News for 2021 where real estate information is on the house.
Real Estate Listings are at their lowest since 2010 according to SQM research. Victorian listings in August 2021 are down by an additional 10% over 2020 when we had longest lockdown period of 112 days from July to late October in 2020 (Insert Graph) Many campaigns have been postponed, but the buyers are still online and they are buying property, so for those property owners that stayed on the market many have been rewarded with a good sale. The desperation though of people needing to find a home because they sold prior to the lockdown or to the landlords that have a vacant property and don’t have full-time hours that need to find a renter to help pay the mortgage is becoming very real.
It’s a tale of two cities at the moment. Sydney has Covid cases well over 1,000 each day and is allowed to have buyers and renters inspect homes and sellers sell homes. Whereas in Melbourne, our Premier has denied the same right banning inspections and appraisals of homes and the real estate the industry is witnessing this placing a lot of pressure on those needing to find a home to move into because they have already committed to moving out of their existing home.
The Numbers – Looking at the numbers from the graph below OBrien conducted 47 online sales, 10 of which were online auctions that achieved a 100% clearance rate. Across Victoria, over the weekend online auction clearance rates were 65%. Of the 200 auctions reported 129 were sold and only 65 were withdrawn as opposed to 390 from the week earlier. We saw 1235 non auctions sales go unconditional last week which is also a very strong result.
The main new edits this week has been:
– The Reserve Bank left the rates for both the cash rate and 3-year government bond yield at 0.1 per cent. The RBA will taper its bond purchases to $4 billion a week, but will extend purchases until at least mid-February 2022 to reflect “the delay in economic recovery.”
– Consumer inflationary expectations hit a 33-month high to 4.7 percent. Utility bills, petrol, insurance and food prices are all increasing at a time when people are losing work hours due to Covid.
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.