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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Property investors feeling a ‘sense of urgency’

By Cameron Micallef · November 29 2019

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Invest

Property investors feeling a ‘sense of urgency’

By Cameron Micallef
November 29 2019

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Property investors feeling a ‘sense of urgency’

By Cameron Micallef · November 29 2019

Reading:

Record-low property listings across Australia, coupled with more buyers entering the market, have increased competition among buyers, meaning they are paying more for properties.

According to CoreLogic, the number of residential advertised properties for sale this spring has been lower than last year across every capital, despite lower rates and ease of credit enticing buyers.

The number of new listings added to the national housing market through November was up 56 per cent from the quieter winter months, but compared with previous springs, it is at 2007 levels.

CoreLogic head of research Tim Lawless said “with buyers taking advantage of the lowest mortgage rates since at least the 1950s, along with an improvement in credit availability/borrowing capacity, market activity is rising.

“With such a small pool of stock available for sale, competition amongst buyers is increasing, adding a sense of urgency to the market, which is another factor supporting price growth at the moment.”

The largest drop in new listings numbers can be seen in Darwin, down almost 40 per cent compared with last year, while Hobart dropped 23.3 per cent Perth decreased by 23 per cent.

Total listing numbers were the lowest relative to a year ago in Sydney (down 23.1 per cent), Perth (down 16.1 per cent) and Melbourne (down 15.7 per cent).

“The low number of spring listings likely reflects a combination of factors,” Mr Lawless said.

“In markets where housing conditions have been weak, like Darwin and Perth, a lack of vendor confidence is understandable. Selling conditions have been tough in these markets since 2014 and prospective home sellers are likely wary of the challenging selling conditions, where homes are taking a long time to sell, discounting rates are high and properties are often selling for a lower amount than what they were purchased for.”

The lower numbers in Sydney and Melbourne are more surprising. Mr Lawless attributed this to overall lower consumer confidence in the economy and future household finances.

He cited another factor related to the speed of the market recovery.

“It was only five months ago that housing values were still broadly falling. Preparing a property for sale involves a number of processes that take some time, including making the decision to sell, finding an agent, preparing the home for sale and commencing a marketing campaign,” Mr Lawless said.

Taking this into consideration, Mr Lawless said if selling conditions remain strong through early summer, there could be a chance of the market being tested with a larger number of listings through early December or the first quarter of 2020.

About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.