Hill & Viteri Property Quarterly Market Round-Up – April to June 2020
The Hill & Viteri Property Quarterly Market Round-Up April – June 2020 is our review of the Sutherland property market and surrounds in the April to June quarter of 2020 brought to you by Sebastian Viteri.
The previous quarter has seen the market re-calibrate after the initial reaction to COVID-19. The pandemic brought challenges to the property market in the form of uncertainty, which affected buyer confidence. But also in the form of logistics with restrictions imposed by the Government in regards to open homes and auctions. Over the course of this quarter though restrictions eased, confidence started to return and buyers continued to purchase property.
Facade shot apartment complex Lunar located at Jannali – Market Round up April – June 2020
Market Direction
Whilst buyers continued to purchase, the above factors changed the direction of the market. Pre-pandemic prices were heading north, buyer confidence was high and demand was stronger than supply. Over the course of the quarter this has changed and prices have corrected, buyer confidence has waned and supply is now outweighing demand. Stock on market has increased by approximately 50% in the Shire and the number of properties listings is outpacing the number that is selling most weeks by 2 to 1.
Buyer Activity
It has been my observation that whilst investors have been somewhat quiet, that people still need a home. Families get bigger, and smaller, and therefore their requirements change. First home buyers have jumped at the incentives on offer from both State & Federal Government to enter the market and have purchased well this quarter with prices of apartments approx 5-10% cheaper than pre-pandemic prices but still comparable to 12 months ago. If you are thinking about buying your first home you should check out our blog for First Home Buyers with a case study showing the cost difference between buying and renting. You might be surprised how affordable buying is in comparison.
If you are in the category of up-sizing or downsizing, or working/studying from homes has seen you need more space, buying and selling in more normal market conditions has it’s advantages. More on that in our blog about selling in a correcting market. However, it pays to have an experienced agent guide you through to show you how to turn these conditions to your advantage. Invite one of the team out to see your property and ask them about ‘changeover’ and they can explain in detail. Click here to request an appointment.
Buyer Sentiment
There is a lot of noise in the media fueling the buyer sentiment. Buyers are hearing prices will fall a further 10% from the likes of the CBA which is causing hesitation. Articles like this are giving the impression that the market will be in decline for an extended period of time. Coronavirus likely to see Sydney house prices fall for 18 months, economist warns
Whether we believe it or not, perception becomes reality. Despite the doom and gloom in the media, we are still showing our clients how to find a win.
Property Prices
There has been a lot of media around prices and how much they have changed. So, for our local market let’s take a look at some sales results of properties that have sold and sold again with no significant change. In my opinion, this gives the most accurate picture of price change. Check out the examples in our latest video!
We hope you have enjoyed the Hill & Viteri Property Quarterly Market Round Up April – June 2020. Stay tuned for our next review of the Sutherland property market and surrounds brought to you by Sebastian Viteri.