Have you been putting off entering the property market? We suggest otherwise.
Perhaps you’re looking at the rising prices and holding back, waiting for a better day. Maybe you’ve just frozen in fear? Whatever the reason, it’s time to jump.
As we always say at TMFG, there has never been, and never will be, a better time to enter the market than right now. But that is especially valid at the moment.
Need more incentive to think quick?
According to CoreLogic, properties are being removed from the market faster than they’re being added, which is pushing up demand and prices.
Between May and July, 1.4 homes were sold for every 1 new listing added to the market.
Yep, you read right.
Supply and demand are in balance when the number of sales matches the number of new listings. But, in Australia in the past month or so–– in all capital cities––for every 1 new listing there were more sales:
· Adelaide = 2.0 sales
· ACT = 1.5
· Sydney = 1.5
· Hobart = 1.5
· Brisbane = 1.3
· Melbourne = 1.3
· Perth = 1.2
· Darwin = 1.1
The reason the sales-to-new-listings ratio is so high right now is because properties are selling at their fastest rate since 2004. In an unfortunate twist, new listings are below their long-term average.
Prices will go up, that’s just the way it works. The demand is higher than the supply, which is driving the hike. But the supply is still there, and your home is still very much waiting for you to move in.
Don’t let that the market discourage you. Instead, let it be the incentive you need to move on your dreams. Because the simple truth is, the sooner you enter the market, the less you’ll have to pay.
Bottom line is, if you’re thinking about buying in 2021, you need to engage with a broker now. Hello!
