The numbers of inquiries about property listings have surged over the course of this lockdown and signalling a big increase in interest. It has been stronger this level 4 lockdown than in the level 4 lockdown of last year and despite being in level 4 neither buyer nor sellers have been deterred.
Confidence has remained in the market, and many people are more optimistic this time around than they were the last time with the effect it may have on the market and even though the government is signalling a sharp drop in house prices – we are clearly not seeing that in practice with a 22% increase year on year for average and median house prices. This is a 3.5% higher than June’s average and 5.3% higher than its averaging for the past three months. Winter months are normally a time when market activity slows, and prices and sales can edge lower. No sign of that this year.
The market is also preparing for spring activity, traditionally when we see more properties come to the market for sale. The fact people now have more spare time to look at listings is helping to maintain activity in the market at this stage.
While we are not able to meet you in person, technology has increased our ability to work with the owners of properties and their potential buyers matching them up. We have well-tested practices in place that enable us to deliver remote appraisals, or listings, electronic sales and purchase agreements, and online or phone auctions.
There had been an immense investment in real estate technology since the last level 4 lockdown and that had made the transition from level 1 to level 4 seamless for us.
While it is possible for sellers to photograph their homes themselves and to conduct virtual inspections by electronic means, most sales do not take place on a sight unseen basis unless there are strong reasons for it.
We are getting lots of inquiries from people keen to move after lockdown, and the speed at which the market can reactivate means those thinking of selling or buying should be getting ready for it.
So, if you are thinking of selling or need to know how the market is affecting your house’s value then give Victoria a call – she is the key to your next adventure.