Property market update | June 2020
Are you looking at buying, selling, or leasing your property? Or maybe you are just interested in how the property market is going amidst everything that has unfolded due to COVID19. David and Ian from our Sales Team have given us a rundown of how the property market is performing in The Shire and what you need to know to put you a step ahead of everyone else!
‘Currently we are seeing good levels of enquiry on all types of properties especially houses In Caringbah, Caringbah South, Cronulla and Gymea due to low numbers of available properties for sale.’ Says David Newton.
‘There has been an increase in buyer activity not only from our extensive database but from new buyers into the marketplace showing a level of confidence returning to the market post Covid-19 restrictions. Feedback from buyers is that they see there is an opportunity to buy now and “lock-in” a low interest rate in the 2-3% range for the next few years.’
Ian Gray agrees and says ‘We are noticing a large number of buyers from our extensive database who are re-entering the market, becoming active once again. With fixed rates just over 2%, affordability is far better than it was several years ago. Having previously given up their house hunting, the prospect of record low interest rates has brought them back out to open homes in search of the ideal property.’
On the homeowner’s front, we are noticing lots of sellers are remaining cautious at the moment with many saying they may wait until spring to actively market their homes. However if this becomes a trend there will be increased competition amongst sellers in September and October as more properties hit the market. This in turn will give buyers that are ready to act (i.e .finance organised and or have a buyer for their property) more choice and possibly lower prices through the effects of “supply and demand” and the end of government stimulus.
The team at Newton have sold several properties “off market” lately ranging from $1.191M to $7M + to buyers that are on our database and we are also hearing the same from other good agents in the Shire. We recommend you register your interest with several agents who maintain an active buyer database as not all properties are being advertised on realestate.com.au and domain.com.au in the current climate.
Whether you are looking to buy or sell or are simply just after some property advice, our team are always here to chat to you! You can reach our team on 9524 0777.