Coronavirus real estate: Buyer activity picks up as market shows signs of life

Agents across the Harbour City are reporting a sizeable uplift in the level of inquires for property as buyers see light at the end of the COVID-19 tunnel.

This comes as realestate.com.au reports search activity across Australia is up 5.3 per cent over the past week.

REA executive director of economic research Cameron Kusher said search activity is 37 per cent higher than what it was at the same time last year, and is only 9.1 per cent lower than its 2020 peak recorded in mid-February.

With buyer confidence returning to the real estate market after an initial pandemic pullback last month, Ray White Erskineville director Shaun Stoker said the market is very similar to what it was prior to last year’s federal election. .

“I have found that it is easier to sell at the moment than at the beginning of 2019, at the moment it’s just about getting stock more than buyer interest,” he said.

Mr Stoker said the influx of buyers is not being matched by sellers who continue to hold off because of the pandemic.

“Stock levels are low because people don’t want you to do appraisals while they are living there and don’t want groups coming through while this is all going on,” he said.

McGrath Mosman agent Claudia Portale said most buyers active in the market are wanting to take advantage of favourable conditions after the hot start to 2020.

“It is a great time to buy now, and buyers are super keen as they want to take advantage of low interest rates and get a jump ahead of the market returning to normal,” she said.

Ms Portale said buyers looking to secure a better deal should look to get in the market before spring.

“You can buy for better value now than what you have in the past as you will be paying market value, not emotional value,” she said.

This comes as the median house price across Sydney increased 0.4 per cent to $890,000 for April, according to CoreLogic’s hedonic home value index.

While some experts predicted a market crash, some industry leaders expect Sydney house prices to remain stable over the coming months.

McGrath Crows Nest agent Peter Chauncy said a storage of stock and a surplus of buyers will allow the market to keep price falls to a minimum.

“The lack of listings will ensure prices remain at around their current level as demand continues to outstrip supply,” he said.

LJ Hooker — Mona Vale’s Ryan Petrie expects prices won’t begin to rise for at least another quarter.

“As government stimulus and low interest rates flow into the market, we should start to see prices pick up towards the end of the year,” he said.

Source from: news.com.au