DIB CHIDIAC Achieves 40% of Sales in Our Core area for May

May has been a month of significant and positive change. As it comes to a close, our results over the last four weeks are a key indicator of our capability, and the speed the current market is moving at.

Worth noting, we’ve seen:

• Apartments in Breakfast Point move fast, with our agency selling 50% of all properties sold in the suburb;
• Our agency takes out 40% of all property sales within our core area; and
• Property appraisals beginning to steadily increase again.

With many buyers returning to the market to join those who never left, we are now also seeing an influx of new buyers who are entering with confidence and certainty. Those in a position to purchase are serious and willing to act and avoid delays in order to prevent any missed opportunities that the current market offers.

Supply remains low and as a direct result, buyer urgency is high, however we anticipate a gradual increase in stock over the coming months, as requests for appraisals have picked up again.

Buying or selling a property can be an overwhelming experience. Making any significant financial decision that is set to change your life is something that requires research and planning at the best of times, let alone amidst a global pandemic unlike anything the world has ever experienced before.

The year 2020 has made history as one of uncertainty, adaptation, and change across all fields. However when it comes to property, we as real estate agents have a unique and informed perspective on what is happening at a frontline level, particularly within our local markets.

If you are considering buying or selling, or are simply just interested in better understanding the impact of COVID-19 on the property market, we have developed a FREE guide to share our perspective with you, and help navigate you through this period.

Download it here.

Auction clearance rates and eased restrictions

Low property stock has pushed auction clearance rates back up to their highest levels since the restriction period began, with preliminary figures released this week showing 70.9% reported auction sales in the second half of May, up 10% from the previous week.

With greater easing of restrictions announced earlier this week, 20 people will be able to take part in public auctions from June 1 2020, a move which is set to boost the market further.

Economic turnaround according to ABS

Data released by the Australian Bureau of Statistics this week suggests the economy is recuperating quicker than originally expected, with manufacturing and services industries showing improvement at higher levels than forecasted for the month of May, with strong signs of a positive turn beginning.

Property Council of Australia’s Seven Point Plan for Economic Recovery

The Property Council of Australia has released its Seven Point Plan for Economic Recovery, reinforcing the key importance of Australia’s property market in bolstering economic growth.

The Plan outlines a number of recommendations to stimulate construction and investment, as well as proposed tax reforms for improved housing affordability, such as the removal of stamp duty, keeping negative gearing, and the abolishing foreign tax surcharges to encourage more foreign investment. 

Read the full plan here.