Despite the pandemic, Australians’ obsession with property hasn’t slowed down with homes being snatched up quickly by eager buyers.
12 February 2021|3 minute read
According to CoreLogic data, in December 2018 the median time it took to sell a property in Australia was 43 days, dropping to 40 days in 2019, and just 36 days by the end of 2020.
The frequency of homes being sold in Australia has been impacted by the imbalance between available housing supply and buyer demand, with listing numbers relatively low nationally and buyer activity surging higher.
In 2020, only 5.3% of residential properties were advertised for sale, down from 6% in 2019 and well below the peak of 8% in 2015.
Well, housing affordability has arguably never been cheaper than it is today.
Current market rates are the lowest we’ve ever seen in history and government schemes and concessions are flowing - so the potential for reduced expenses and opportunities have never been better.
With less interest to pay on loans, you may be in a position to pay more for the actual property.
So, it could be a great time to make your move in 2021. There are plenty of suburbs around the country with great opportunities for home buyers.
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.
Suburbs that have a large proportion of housing stock available for sale typically favour buyers, with a better opportunity for you to find what you’re looking for and allow you to negotiate a competitive price.
Considering these ‘buyer’s market’ suburbs across Australia presents a great opportunity for home buyers looking to get into or move within the market.
On top of this, the combination of record low interest rates, government incentives, and rising economic confidence, is creating strong market conditions for home buyers in 2021.
When it comes to buying a home, it’s fair to say it will be one of the largest purchases you’ll ever make.
You’ll want to make sure you that you find the right home and right home loan, so you can be in a good position for your future.
If you are ready to buy a home, there is no time like the present to explore your options. Even if you think you’re not ready financially, you might be pleasantly surprised by speaking with a home loan expert.
The considerable amount of information and noise currently around the property market can be tricky to sort through and an Aussie Broker can help you navigate this to understand how you are positioned to buy a home.
With homes selling fast in the current market, an Aussie Broker can also help you seek pre-approval so you can act quickly if you find your dream home.
If you’re ready to take the first step in your buying journey, speak to an Aussie Broker today.
If you’re looking to buy a home in 2021, we’ve made a list of the top ‘buyer’s market’ suburbs from our recent research to assist your search.