In normal times pre-COVID, the Spring period generally results in higher sale and listing volumes as we see an end to the infamous Winter market. Generally, the impact on prices is marginal, as both buyer demand and property supply would increase over this season. However, COVID has turned this tradition on its head – but those owners who come to market are benefiting expediently.
So why is now the best time to sell my property?
- Reports show that loan approvals are 116% higher over the previous 12 months (see graph below)
- Reports show that listings on market are down 10% over the previous 12 months (see graph below)
To put it simply, the level of properties on the market is not meeting the demand from the buyers, and is resulting in record prices. Throughout this lockdown I have personally experienced a 30% increase in both buyer enquiry and activity. Many of the buyers I am working with are now pre-approved, and have adapted to the new norm of purchasing site unseen. Ray White being the largest real estate group in Australasia allows us to have all of the technology required to facilitate these deals. Buyers are increasingly becoming more comfortable and confident with this approach to achieve their next step in life.
For more information on the market and to discuss what this means for your property please complete the form below.
Sales Executive | Ray White Southbank | Port Phillip
M 0402 670 441