Australians’ appetite for property hasn’t slowed down despite the pandemic, with 2021 providing opportunities for homeowners looking to move and buy a new home.
12 February 2021|4 minute read
According to Aussie's Buyers' Opportunity Report, housing market conditions are slightly skewed towards sellers, with prices rising, property listing numbers remaining relatively low and buyer demand surging. However, there are still plenty of suburbs around the country where conditions are skewed towards the buyer.
While some regions are recording exceptionally strong selling conditions, others are well and truly reflecting a buyer’s market. 2021 could be a good time for those thinking of selling their home to move, including those looking to upgrade or downgrade their home.
According to CoreLogic, only 5.3% of residential properties were advertised for sale in 2020, down from 6% in 2019. This is creating an imbalance between available supply and buyer demand and seeing housing values rise by 3% nationally in 2020, which is great for anyone thinking of selling.
The research also identified that one in five (21.4%) Australian suburbs had more than 7% of housing stock available for sale last year and one in three suburbs (35.8%) had at least 6% of housing stock on the market in 2020. This is creating a larger proportion of property listings, which typically favours buyers as it provides a better opportunity to negotiate a competitive price.
Plus, the combination of record low interest rates, government incentives, and rising economic confidence, is also creating strong market conditions for home buyers in 2021.
The COVID-19 pandemic has triggered major changes in the way many Australians work and live. Some people are choosing not to return to centralised work, cutting long commutes as employers realise flexible working arrangements are a suitable alternative.
With this shift in lifestyle, some Australians are considering moving locations, upgrading or downsizing to suit their new way of life.
It’s likely that things have changed since you bought your current home. Maybe you’ve got a better job, or you’ve shed some costly responsibilities. Plus, if you’ve been keeping on top of your repayments, you may have some equity to leverage.
Where you choose to go next affects how much you need to pay (and borrow), as well as how quickly the property will go up in value (and your quality of life with it). So, making sure that you buy a property in the right suburb to suit your financial and lifestyle needs is important.
Aussie’s new report commissioned by CoreLogic has identified the top suburbs for sellers and buyers across Australia.
These suburbs include those that generally move towards a ‘seller’s market’, where listing numbers are trending lower, or where advertised properties comprise only a small proportion of local housing stock. It also identifies suburbs that favour a ‘buyer’s market’, where a large or growing proportion of stock is available for sale.
If you’re buying a new home, now could be the right time to review your home loan to see if you could be getting a good deal. You may have the basic home loan know-how after purchasing your first property, but there’s always something new to consider and an Aussie Broker can help you understand your options.
Whether you are looking to move, upgrade or downgrade in 2021, seek out what options are available to you by speaking to an Aussie Broker.
Here are the top performing suburbs to be aware of if you are thinking of selling your home in 2021 and move into your next home.