Lockdown success; 8 common-sense reasons to sell now

The ACT Lockdown announced in August-21 didn’t deter the keen buyers and sellers from their property plans. Confident sellers went ahead and took advantage of the heated market, while keen buyers continued to compete due to heightened demand and competition to secure a property. Whilst the city was in lockdown, the market didn’t slow and the team at The Property Collective were kept busy during this period with high enquiry and success rates across residential and project sales and property management.

If the walls are closing in and your incarcerated kids have convinced you it’s time to sell up and find a bigger home, then the time to act is now.

As we are seeing with the easing of restrictions across Australia, the lockdown won’t last forever. And it always takes a few months to prepare a property for sale.

As so many thousands of Australians have discovered, there has never been a better time to get down to the hardware store and pick up a few essentials to paint the spare room or fix some of those annoying problems around the house.

If you want to hit the market when the buyers are primed, you need to start preparing your home for sale now.

It’s true that perhaps a third of sellers have left the market, waiting to see what will happen to prices in the aftermath of the coronavirus crisis. Their withdrawal has created scarcity in the market, so we’re not seeing the price free fall that some had predicted.

That’s great news for you, as this means there are fewer properties like yours from which the buyer can choose.

Since the pandemic, Canberra house prices have risen 38.4%. This is the highest rate of growth across the cities and for the first time since 2005, Canberra is now the second most expensive capital city to purchase a property. (Source: domain.com.au housing report Sept-2021)

During the period of August – October the Auction market remained strong with clearance rates above 80% for the capital.

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Here are eight common-sense reasons to act now:

1. The lockdown is easing, and more buyers are moving into the market.
2. Government policies related to COVID-19 are seen as providing a safety net, this is instilling confidence in the market.
3. Mortgage repayment flexibility means the sudden rise in unemployment hasn’t hurt property values as they might normally.
4. The fall in listings has delivered a scarcity of properties that has helped maintain prices.
5. Most vendors remain reluctant to discount their asking prices, knowing the market will strengthen.
6. Interest rates are at an historic low with many 3-year fixed terms at less than 3%, which is driving buyer optimism.
7. Many buyers who are seeking a deal or their ideal property know they have fewer people to compete against.
8. Investors have moved cash from the stock market and now seek a more stable, longer-term return from real estate. This has contributed to stabilising price levels to a certain extent.

COVID Success at The Property Collective - The Numbers.

Average enquiry rate - 66 enquires per property

Auction clearance rate August-October – 74.3%

Total Number of Residential Sales - 58

Total Number of appraisals conducted - (virtually) 357

Total number of Project Development - 21

Total Properties Leased - 64

Rental vacancy rate - 0.83%

Average Rental Asking Price - $541.60

 

What should we take from these Numbers? While the city was in Lockdown, we were achieving high enquiry and success rates across residential and project sales and property management.

This information is general only and does not constitute professional advice. You should always seek professional advice concerning your particular circumstances before acting.
Our mission is simple: we help people thrive through property and we’re with you every step of the way. We have worked with many homeowners to sell successfully during COVID and lockdown impacted periods. Get in touch to chat with us about our approach. We’d be happy to talk to you about how you should be preparing your home for sale and the various technologies to help you get the best possible price.

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