Despite media attention around a softening real estate market, we are seeing strong indications that we are already in recovery mode here on the Northern Beaches. As expected, there was a sudden drop in open home numbers during the peak of Covid19, however during that time we still met many buyers who were actively looking to purchase property.
Prior to Covid19 the market was strong and buyer confidence was high as we were full steam ahead into the Autumn months. When we hit the initial stages of the pandemic, the outlook was not great and we prepared for the worst. We knuckled down, opened communication lines even further with our clients and collaborated as a team like never before, and it paid off. We had a record month in March which helped with momentum and that momentum carried us forward into April and May where we continued to show our strong position in the market. With restrictions easing during late May/early June our team adapted once again and kept achieving outstanding results for our clients.
Here we are, now half way through the year and our local market has responded well as we start to see what our ‘new normal’ looks like. Traditionally Winter is a quieter period when it comes to property, however the last few years have shown us that this may not always be the case. It may just be real estate folklore, but there is always something about the warmer weather in Spring that makes people want to freshen up the house and launch it to market with the theory that more buyers will also be out looking. But, what if you just got a head start on all these people and launched to market in Winter? The last few years have shown us that we are still meeting active buyers consistently throughout the year, however, with a smaller amount of stock on the market in Winter we are seeing greater competition between buyers and a prime opportunity for sellers.
To give you an idea, in recent weeks we have seen a strong return of confidence to the market, with open home attendees increase dramatically over the last month, see the graphic below. Last weekend we saw 71 groups through one property and 55 groups through another! It is these figures, combined with a reduction in average days on market and an increase in the number of property appraisals our team have conducted recently that gives us a great indication that our market is stable and will continue to look this way through Winter and beyond. A stable market is a great time to buy and sell property, and we are seeing a lot of buyers – who were previously sitting on the fence – come back in to play.
So, while there may be fewer people looking to buy, the ones who have actually made it out on a cold and Wintery morning to view your property are generally more engaged and motivated to move quickly. These buyers who have given up their Saturdays are ready to act and will be quick to take action if a property resonates emotionally and logically. With interest rates also remaining low for the foreseeable future, why don’t you get in touch to see if Winter works for you?
For more information, click here to take a listen to our latest Cunninghams Insights video with John Cunningham.