Realestate

Vendors who wait may find their property faces greater competition from others in the market

  • Written by Tim McKibbin, CEO, Real Estate Institute of NSW

Vendors choosing to sell now are reaping the rewards of intense demand from a  motivated buyer pool and this is set to continue.

Others waiting on an end to lockdown, or the coming of spring, or both, should be  engaging an agent now.  

The reduced volume of properties for sale is generating extremely strong prices, and we  expect another week ahead characterised by a significant number of properties selling  prior to their scheduled online auction.

Perhaps the market will experience an increase in properties becoming available later in  the year. Vendors who wait may find their property faces greater competition from  others in the market.

Nevertheless, the level of pent-up demand unperturbed by lockdown suggests the  market will continue to favour sellers in the short to medium term.

CoreLogic figures released last week suggest Australia’s residential property market is  tipped to surpass $9 trillion in value by year’s end on account of rising house prices and  a boom in construction.

But in New South Wales, the boom in construction is not having a material impact on  supply.

As the cost of lockdown spirals into the tens of billions of dollars, a robust property  market is essential to counterbalance the economic loss. An environment of constrained  supply limits the ability of the real estate industry to perform the recovery role to its full  potential.

Certainly, the demand is there for more housing choice of different housing typologies  in metropolitan and regional markets across the state. Real estate is playing a critical  part in propping up the state’s finances, but with more supply, the industry has more to give.

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