No doubt, there’s a fair percentage of Victorian homeowners who are expecting the property market to slow down over the next few months as the Winter chills begin to make an impact. After all, Winter is traditionally viewed as a quiet period in the property calendar, right?
Actually, not quite. Statistically speaking that assumption is correct, but it’s not as cut and dried as you might think. What’s more, there are currently some signs that the Winter of 2021 is not going to be your typical Winter.
One key fact that many people are unaware of is that the difference between the busiest season (Autumn) and the slowest season (Summer) for property sales can be measured in just a few percentage points.
We have also seen some recent data from realestate.com.au which shows that there has been no sign of a Winter slowdown this year. REA’s Director of Economic Research, Cameron Kusher, was quoted earlier in June as saying, “We are still seeing weekly preliminary sales at volumes similar to spring of last year and demand remains at very high levels. While it won’t be the new spring, the winter housing market looks set to be much more active than what we see in a typical year”.
In fact, our nations’ two biggest auction markets, Sydney and Melbourne, were both headed for ‘super Saturdays’ last week, in the first weekend of Winter, until the Melbourne auction market was impacted by the current lockdown. Importantly, despite the switch to online auctions last weekend, the REIV reported a remarkable auction clearance rate of 96% in Melbourne last weekend. So the first week of Winter has been very active indeed.
We have also seen a number of properties which were originally scheduled for auction over the past two weekends pushed back to later in June, so the coming weeks are likely to see above average levels of activity. Add in the fact that most of the buyers who purchase at these auctions will then have properties to sell, and it’s easy to see why this Winter could be an unusually busy one right through to Spring.
Whether you are buying or selling this Winter, the team at Ian Reid Buyer and Vendor Advocates are ready and able to assist you in achieving your property goals, particularly when you need experienced and objective advice in an ever-changing market. The answers to your property questions are just a phone call away, so feel free to give us a call on 9430 0000 today to discuss your options.
You’ll also find plenty of helpful suggestions for property sellers in our free booklet, “Fatal Real Estate Traps Exposed”.