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An Adelaide-headquartered agency says an increase in housing sales over March indicates that the public is adjusting well to new regulations brought in off the back of the coronavirus pandemic.
Ouwens Casserly Real Estate said all signs point positive when it comes to Adelaide’s housing market.
Over the month of March, the agency listed 76 properties, recording 68 sales. This is up slightly on the March 2019 figures, which saw 65 properties sold.
Managing director Nathan Casserly said despite the initial shock the coronavirus had brought to the industry, interest in the residential property market remains strong.
“Properties have continued to transact throughout the month; we listed 76 properties and sold 68, which is still a great result, so it’s crucial that we keep focused and stay positive moving into April and the months thereafter,” he said.
“We are seeing buyers and sellers adapting week by week, and we have a real opportunity to build sustainable, long-term growth through development of data-focused technology over the next 12 months of uncertainty.”
Mr Casserly noted the rate at which the public had adapted to new regulations was staggering and congratulated both buyers and sellers on their proactivity in adhering to social distancing and adapting to technology.
“At Ouwens Casserl,y we are doing everything we can to support our clients and the long-term success of the industry,” he said.
“We are implementing and fine-tuning the tools required to facilitate the buying and selling of property as effectively and as easily as possible. Matching buyers with sellers to achieve a seamless result is our number one priority.”
That being said, Mr Casserly acknowledged the property market is undoubtedly feeling the effects of COVID-19; however, he said there are still “plenty of green shoots”.
“It’s really important for people to know that transactions are still occurring despite the market conditions. As you’d expect, there are fewer people inspecting properties with the new regulations now firmly in place, but what this does mean is that who we are left with are the serious and pre-approved buyers who are ready to take action,” he said.
“There is a lot to be positive about the RBA cutting the cash rate for a second time in March to a record new low of 0.25 [of a percentage point], lenders are lending more freely, and the banks are being understanding.
“For many, all these factors could create some real momentum for serious buyers who have not been so directly affected in terms of cash flow.
“The South Australian property market is incredibly resilient. The challenges we are all faced with will ease — now is really the time for people to act, be prepared and set themselves up for the opportunities that will present themselves as the market settles again.”
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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