What is happening in the property market in the Illawarra?
If you are in the market to buy or sell you already know this by the sheer number of buyers out in force.
To say we are in the midst of a sellers’ market at the moment is a gross understatement. realestate.com.au data indicates stock levels are down a third which is driving competition among buyers and pushing up prices. We have seen incredible growth month on month to date.
We are also seeing record numbers of property owners transact using auctions. Traditionally this is common through hot or rising markets as this sales strategy returns a higher yield as competition plays a key role.
Many buyers have enhanced budgets thanks to restricted travel and socialising opportunities, with our historically low-interest rates making access to money cheaper than ever. Businesses have had a number of tax exemptions, attractive bonuses for employing staff so there is more to go around. Throw into the mix a desire for space for those working from home and it’s easy to see why we’re experiencing heated auctions and pre-auction negotiations.
The question on everyone’s lips though… how long will it last?
Although no one will ever be able to answer that until it’s upon us, the question should be “is the risk of waiting to gain more worth the risk that the opposite happens?”.