Several indicators reflect the dynamism of the real estate market in the context of the pandemic, according to the latest report by the REA group.
Cameron Kusher, director of economic research for the REA Group, said the real estate market reflected strong sales activity and price growth in recent months.
“All indicators have continued to outperform in previous years and remain at historically high levels. There has been a marked cooling of the market over the past few months which is to be expected at this time of year during what is generally a quieter time for the housing market, "he said. declared.
In the first 27 weeks of the year, preliminary weekly sales were 60.7% higher than the same period last year and 68.7% higher than the same period in 2019.
Additionally, the demand for properties for sale increased 43.2% in June compared to the same month last year. This was based on the average number of views per ad on realestate.com.au.
The median time to sell properties also reflects strong buyer activity, dropping from 71 to 38 days in June.
“Demand has slowed slightly, but properties for sale are still tight and therefore should continue to sell quickly. Views by registration level are expected to remain relatively high compared to similar winter periods. Demand from first-time homebuyers is expected to wane as we expect to see investor demands to increase as they prepare for their comeback, "Kusher said.
Kusher said the enabling environment could potentially lead to increased housing affordability issues by spring.
"With low borrowing costs and rising prices, we expect a growing share of property seekers to seek properties over $ 1 million. The demand for higher priced properties is largely driven by the current supply of higher priced properties, ”he said.
However, Kusher believes that activity may slow down as the market sinks into the winter months.
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artarmon
,
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,
revesby hts
,
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,
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