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Vendors are taking confidence from the strength of buyer demand and month-on-month price increases

6Mo ago 0 Replies 111 Views
In news that may come to the relief of would-be buyers battling it out at auctions, over a third (35 per cent) of homeowners are planning on selling in the next five years, according to new research from Westpac.

The Westpac survey of 2,086 Australians aged 18 and over also found that over one in ten respondents (12 per cent) were already taking steps to put their house on the market or had intention to do so in the next 12 months.

For those looking to buy, the pressure is on, as the latest CoreLogic figures found that national property prices grew by 2.1 per cent in February 2021: the fastest recorded growth rate since 2003.
Further, according to figures from the Australian Bureau of Statistics (ABS), new home lending hit $28.75 billion in January, an increase of 44 per cent year-on-year (in seasonally-adjusted terms). The total value of owner-occupier home loans settled in January surged by 52 per cent, year-on-year, to a record-high of $22.11 billion.
Meaning, there has been an influx of new homebuyers eager to win at the auction and get a foot on the property ladder.

CEO of Real Estate Institute of NSW, Tim McKibbin, stated that the “run up to Easter” may be particularly busy, with the “market intensity of recent weeks set to continue”.
“Vendors are taking confidence from the strength of buyer demand and month-on-month price increases, with many bringing their plans to sell forward to capitalise on the rising market.
“This includes many investors who, if not for the prices currently being achieved, would not necessarily be considering selling,” said Mr McKibbin.

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