Market stays strong with post-lockdown listing boom
With pandemic-induced uncertainty over the past 18 months, it’s been wonderful to see the property sector return to some form of normality with a lockdown-free spring selling season.
According to market researcher Proptrack (which is part of Realestate.com.au), new listings in November reached their highest level in a decade and grew 12.1% compared to October making it the third consecutive month of double-digit growth for new properties for sale.
The peak of the spring season was pushed back a little compared to past years due to the delayed start created by Covid lockdowns. As a result, new listings were up 35.7% in November compared to the same time last year. This injection of housing stock has taken some pressure off buyers, who’ve been scrambling for success at auctions and in private treaty negotiations and means many more buyers are likely to enjoy Christmas having successfully purchased.
New listings in all capital cities are well up on year-ago levels with Sydney up 55.2%, Melbourne up 47.1% and Darwin with 68.9% enjoying the largest increases.
Sales are remaining very strong both in volume and prices. What we are seeing is the pent-up demand created by lockdowns washing through the system.
As experienced local agents, we caution you against putting too much store in the broad national figures. Australia consists of thousands of micro-markets that do not necessarily behave in the same way as the national average, the Northern Beaches in particular is a very resilient market.
To understand how the current market might affect your ambition to sell or buy, reach out and we’d be happy to discuss local buyer demand and price trends for properties of your style, size, and location.
Talk to the experts today at Clarke & Humel and let us help with your property goals.