With promises of a Covid vaccine, record low interest rates and property prices moving north again, the Autumn market is looking like being one of the busiest we’ve experienced for a long time.
After a year of fewer property sales created by the pandemic, the data is indicating that we’re in for a bumper selling season. This means if you’ve been considering selling, now is the time to act.
There is often the misconception that Spring is the best time to sell, but as the weather starts to cool it’s likely the sales numbers will once again challenge this assumption. Data from CoreLogic shows that auction numbers in February are coming in considerably higher compared to the same period in 2020 and property prices rose by 0.9% nationally putting prices at their highest levels since the market peaked in October 2017.
Here are 5 reasons why this Autumn is going to be a great time to sell.
- The Covid effect
Whether its because people are fed up with the four walls they’ve been locked within or because they were waiting to see how the pandemic would affect the economy to feel secure about entering the market, there’s going to be a lot more buyers – and sellers – in the market this Autumn. As more sellers put their properties up for sale, we’ll see even more buyers gain the confidence to act and it will become a self-perpetuating cycle.
- Prices are on the rise
Extremely strong auction clearance rates in Melbourne and Sydney are always a great indication that property prices are booming generally. The fears of Covid-induced freefall were never realised and with interest rates now so low many buyers feel they can afford to borrow a little more and make their offer higher, especially when the property is a forever home.
- Buyers are determined
With so few properties for sale over the past year, many buyers have been looking for the perfect property for longer than usual and are now facing the task with grim determination. Buyers know they need to make competitive offers and many are willing to offer above asking to secure the home of their dreams.
- Easter is early April
Easter this year is the first week of April. This will put more pressure on the March market and create a flurry of activity. Property is one of Australia’s favourite spectator sports so expect to be hearing about ‘super Saturdays’ in the media and headlines about the market in the lead up to Easter, and for the story and excitment to continue later in April as we head towards winter.
- Demand for new lifestyles
A baby boom and sadly, also an increase in divorce, are two things demographers are telling us we’ll experience as a result of Covid. Both of these life events inevitably trigger a change in accommodation requirements. On top of this, we’ve seen adult children move back home, and homeowners realise their current property just doesn’t offer them the lifestyle they want any more. Expect to see property coming on to the market – and strong buyer demand – created by all these events.