According to some leading property analysts across the nation, and indeed many agents experiencing a surge in enquiry as the COVID-19 restrictions ease; this winter could prove a more active market than anticipated.
The spring season is normally the most popular time to sell homes, with the weather warming and gardens in full bloom; however, confidence is starting to trickle back into the market, as many are now seeing some light at the end of the COVID tunnel.
Neida Consibee, chief economist at realestate.com.au said the fallout of the COVID-19 pandemic lockdowns and economic crunch had caused a short supply of stock, but more people were keeping a keen eye on the market and searching online for properties.
The latest data on the volume of searches for properties for sale on realestate.com.au shows search activity hit a new record last week; rising by 0.5%, now up 37.7% year-on-year and is 62.6% higher than the low in March. This is the ninth consecutive week the rate has grown.
Ms Consibee said renewed interest was indicative of the early stages of a recovery; but warned some parts of the market would take longer to recover than others.
“If you have a look at a house in a nice area that’s got good amenity, that’s probably going to hold up OK, whereas if you go to high development areas, particularly those located close to universities that may rely on foreign students or rely on investors, these are areas that may struggle,” she said.
“We are seeing a big surge in first home buyer activity, but investor activity hasn’t returned strongly at this stage…that may take longer.”