Welcome to this month’s edition of the Dot Monthly..
As things continue to improve from an economic and social front, the housing market continues to fire with a lack of supply and an overwhelming demand for any property that comes to market.
If you’re in the market to purchase, I’d like to reiterate the importance of completing your due diligence. Please get in touch to ensure we cover all your bases in this heated market.
Off to other news…
Recovery Is Faster Than Expected
Australia’s property market is bouncing back faster than experts predicted following the onset of the pandemic.
Low housing stock poses the biggest challenge as home-owners hold off listing, according to the REA Group’s Insights Housing Market Indicators Report.
REA’s director of economic research Cameron Kusher says unprecedented buyer demand has boosted sales and driven strong results.
“Transaction volumes nationally were 41% higher last week than the same week last year, indicating that buying and selling has returned much earlier and stronger than what we saw last year,” Kusher says.
The report uses eight metrics to analyse property markets and emerging trends. These include search activity on realestate.com.au, views per listing, weekly sales of properties, the number of days properties were listed, and filtered searches by price and bedrooms.
An analysis of the data revealed sale volumes have skyrocketed since the start of January and are a third higher than the same time last year.
More Buyers Seeking Home Office
The trend towards working remotely is impacting the design of homes. Research indicates that Aussies are more likely to buy a home that has a designated office area.
According to a research paper from ANZ and statistics from HIA Economics, of the 44% of builders who have noticed a change in home-buying preferences, almost half say the change has been inspired by increasing interest in home offices or study nooks.
ANZ says the changing preferences are a result of the increase in home-based working following the pandemic lockdowns, as well as heightened appreciation of more space at home. Of the 44% of builders noting a buyer shift, around 30% say buyers now prefer additional living spaces.
As for overall market growth, ANZ predicts that a combination of the improving economy, government assistance and cheap credit will continue to drive the housing market in 2021, with prices set to grow by around 17%, as an average across the capital cities.
What has Dot been up to for the month?
Don’t forget to read up on the 15 year itch which is an E book I’ve authored to equip you with strategies to pay off your mortgage in under 15 years. The e book is available on the website or you can get in touch via email to request a complimentary copy.
As always, we hope you enjoyed reading the blog and should you have any questions, please feel free to email [email protected] or you can call us on 1300 000 DOT (368).