Real estate is an Australian obsession, whether you’re renting, buying, selling, investing, speculating, upsizing, downsizing, or staying put, Australians simply cannot get enough of property.
Australians spend an average of 2.5 hours a week preoccupied by the property market, according to new research by HSBC. We spend more time looking at property than we do at F45 on any given week. Despite the obsession, the supply of quality properties is not meeting the demand from buyers.
Many Australians see real estate and owning a property as a sign of prosperity and security. With real estate at our fingertips 24/7, scrolling through Instagram, watching renovations shows and looking at homes on realestate.com.au is now more than just entertainment, it’s research.
Given our obsession with real estate, the last 12 – 18 months hasn’t been the greatest. News of falling house prices, building defects in highrise apartments made everyone feel a bit uneasy about real estate, until recently.
Over the past few weeks, we’ve seen a drastic turnaround in buyer turnouts at open inspections. Bank turnaround times have gone from a few days to weeks as they have been inundated with loan applications.
There is an air of confidence in the market with educated buyers taking advantage of record-low interest rates and low stock levels. Stock levels (new properties listed for sale) are down 24.7% compared to this time last year. The demand for quality properties from highly motivated and organised buyers is immense.
Although levels of new stock (new properties for sale) for sale is very low, we expect to see an increase in advertised stock levels(new properties for sale) as the spring season approaches. With the ability to get finance still harder than ever before despite low mortgage rates, those looking to buy should put together a plan(boring, I know). However, they will be well equipped and ready to go should the right property come up.
Whether you’re buying, selling or investing, the next few months will be an exciting time in the Australian real estate market.