Aussies that had planned to sell their house prior to the pandemic are being urged to realise those plans now, with buyers said to be immensely hungry for housing.
With market conditions on a continuous incline, the Real Estate Institute of Australia is urging Aussies to list their homes before the “good times” run out.
In fact, REIA president Adrian Kelly encouraged those that had put off property sale plans due to the COVID-19 pandemic to think about seeking an appraisal now.
“Demand is strong, with buyers hungry for housing, and it’s difficult to know how long the good times will last,” REIA president Adrian Kelly said.
“As agents, we know there are buyers out there and the market is on your side.”
Mr Kelly noted that should the federal budget be strong on its outlook for economic conditions, both buyers and sellers can buy and sell with confidence, knowing “the nation is performing well”.
Moreover, he tipped that apartments and units are likely to see strong growth in the future as buyers’ fear of missing out take hold.
“Over the past quarter of a century, apartment and unit prices have climbed by around 400 per cent, and with news supply is starting to taper off, we can expect median prices to increase,” Mr Kelly said.
According to recent research from Domain, the national median house price increased for the second consecutive quarter for the first time since 2009, adding another 5.7 per cent in the first three months of 2021 — its steepest quarterly incline in almost 18 years.
Record growth has mostly been driven by the record-low interest rates, improved household savings, low listing volumes, post-lockdown lifestyle changes, returning cashed-up expats, government incentives and soaring consumer sentiment.
And, complementary to Mr Kelly’s thoughts, Domain revealed it is the first time in a year that price growth across the combined capital cities has outperformed regional areas, with half of the capital cities surpassing the national average in the first quarter.