Are you sitting on your hands, waiting for the bubble to burst before you dive into home ownership, or slide into an investment property?
Market behaviour is suggesting you get off it, and get in now, because it’s STILL not looking like slowing down any time soon.
Let’s zone in on the property market in 2021 so far…
Almost 598,000 residential properties were sold in the year to August, which is the highest number of annual sales since 2004, according to CoreLogic.
The August result was 42% higher than the year before and 24% higher than the 20-year average.
Yep, you read right, that states almost DOUBLE the amount of homes were bought in 2021––at the height of the pandemic, compared to 2020.
From where we sit, that certainly does not seem like a waning market. And this isn’t limited to Victoria, it’s showing the same figures across most of the country (excluding NT and Tasmania).
Six states and territories recorded sales volumes above their 20-year average:
· QLD = up 28.9% on the 20-year average
· WA = up 28.6%
· NSW = up 25.3%
· ACT = up 24.8%
· SA = up 23.4%
· VIC = up 20.5%
· TAS = down 3.3%
· NT = down 12.0%
As the statistics show, buyers are competing hard for properties right now.
The strength of the market suggests, if you’re intending on buying property in the foreseeable future, then it’s best you pull your proverbial finger out get in––and fast!
Before you enter the market, however, it’s vital you get your finances in order. That way, if you see a property you like, you can go hard and beat the competition.
Get in touch to assess how much you can borrow, and we can get you market-ready ASAP!