The resilience of the Australian housing market has never been more evident than over the past three months. Most Australians would be surprised at the level of activity and prices achieved, even though it has operated under restrictive operating conditions.
The ‘mini’ budget handed down earlier in the week by Federal Treasurer Josh Frydenberg has provided a better understanding of what lies ahead for the National economy amidst the coronavirus pandemic. It has has laid the foundations for economic bounce-back in 2021 and provided we remain conscious of the health threat that remains there are many reasons to be optimistic about the state of the real estate market.
Many buyers, including first home buyers, are increasingly viewing now as a good time to enter the market, and with record low interest rates and stimulus schemes such as HomeBuilder, agents are struggling to keep up with demand.
Nationally home prices only slipped by one per cent on average last quarter, indicating the resilience of the market and the continued confidence of home buyers. It is a far cry from the doom and gloom predictions of a 30 per cent crash.
As we enter the Spring selling market we would expect the traditional increase of properties to the market and a possible slow down of the economy with some of the Government incentives reducing or coming to an end, so if you are considering selling the time is ripe to sell now. Don’t wait until Spring.
Although the extension of welfare payments including JobKeeper and JobSeeker beyond September will help bolster the economy, home prices included, we will still probably see supply outstrip demand. The time to sell is now …… what are you waiting for?