April exceeds expectations - buyers use their agent to stay closely connected

April blew us away with exceptional outcomes in terms of sales performance, despite great changes and reduced supply as we moved forward with a determined approach, achieving our first online auction and 14 sales, grossing a combined $22 million.

Unlike other real estate agents who primarily represent the seller of the property, we also specialise in searching, evaluating and negotiating the purchase of property for buyers. It is crucial that buyers are forthcoming with their agent, providing a detailed breakdown of their buying criteria such as their budget, financial preparations, and timeframes in order to be considered for suitable properties as they arise - particularly off market opportunities that others do not have visibility of. We leverage our extensive network to connect you with focused opportunities, often ahead of others in the market.

Allowing your agent to be closely attuned to your property goals and needs will give you access to a wider range of properties than you might ordinarily be exposed to, and can save you countless hours spent shortlisting, eliminating a lot of stress. Your weekends will be free to attend private inspections and focus only on properties that meet all your criteria.

Reduced supply, cushioned prices

COVID-19 has significantly reduced the volume of property listings we are seeing in residential real estate with a -54.1% drop in the Inner West alone since 1 March, but vales remain relatively resilient and buyers remain active in the market. In the 28 day period ending 19 April, the amount of new listings was -28.7% lower than they were in the same period last year, according to a report released by CoreLogic this week.

With unprecedented job losses, reduced incomes and household debts, there is an easy presumption that an influx of distressed sales would follow. However, the evidence tells us otherwise. A reduced supply has helped prevent an average fall in prices over March with preliminary data showing the Sydney median property value is likely to also finish April relatively unchanged.

Of course, the freeze on mortgage repayments being offered by banks is another key factor in the stability of property values we continue to see, significantly minimising the impact current changes have brought about.

Another related factor may be vendors’ informed understanding of this temporary trough encouraging them to hold their property back from the market momentarily, with a view to sell once the economy returns to full scale production with certainty reinstated. 

The near future

With Australia’s restriction measures showing a successfully flattening of the curve, it is likely we can expect some lockdown restrictions to be eased over the coming weeks.

Vendors may view the current climate as a very temporary economic condition that can be adequately managed long term through the monetary and fiscal stimuluses now in place to support business and household income amid the slowdown.

Despite lower sales volumes, dwelling values are likely to endure as many sellers are not placed in a position to need to lower their property value expectations, however ultimately longer term, housing market values and activity will be a direct demonstration of the extent to which our current quarantine measures affect income, employment, borrowing capacity and credit availability. 

Our community

Be sure to check out Canada Bay Connects, a new online community space and business hub that offers programs, services, and support to our community during this challenging time.