LOCAL MARKET STILL IN HOT DEMAND
- July 15, 2020
If you’re contemplating selling, the good news is that you can be confident that the market is still strong and there are plenty of eager buyers out there who are ready to act. The majority of people we’re seeing come through are pre-approved for loans and are keen to purchase as soon as they find a property meeting their criteria, which is great news for sellers looking to move quickly. This gives us a real opportunity to engage these buyers who are ready to make a swift purchase.
Over the weekend we saw an average of 14 buyers at open home inspections and for particularly special properties we’re seeing well in excess of these figures. Peter Gordon and Anthony Ross recently listed ‘Pamona Cottage’ (1876) at 150 Beattie Street. One of Balmain’s most enchanting and historic family homes, it sits on an unusually generous 481sqm parcel of land. Once owned by Captain Hugh Morwick, it holds a special place in the area’s maritime history. In the space of a fortnight, 200 groups inspected the property and there are a number of interested parties circulating.
The owners have been exceptionally pleased with way in which the property has been projected to the marketplace and the level of interest it has received. They agree that it has some very unique characteristics and with a DA approval in place, the property represents a rare opportunity for astute buyers to extend and capitalise on its potential.
Figures from May’s REA Insights supports this strength in our market and the strength in buyer demand, with Annandale houses and Balmain apartments continuing to sit at the top of the most searched suburbs. Nationally, Australia’s focus on property continues to increase with a record audience visiting realestate.com.au in May, sitting at 11.9 million viewers. Not only are we seeing large search volumes, activity from serious buyers is continuing to grow, with the REA Insights Weekly Demand Index showing growth of 0.8% for the week ending 7 June, marking the tenth consecutive week of growth. Compared to the same time last year, this high-intent activity was up 36.3%.
However, with COVID starting to rear its head again, the conversation about the virus that had all but dissipated is back in the frame. So for keen sellers, now is the time to act and make hay while the metaphorical sun shines. May also recorded the sharpest decline in home loan approvals ever recorded, 11.6%, which suggests that the pool of ready-to-act buyers may decline in the coming months. Fortunately, our region remains highly sought-after and a dip in the volume of buyers may not have a significant impact on sales price or timeframes.
