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With sky-high demand across Sydney and the rest of the state, vendors are being urged to “spring” into action now and maximise opportunities across the market – even in lockdown.
According to reports, agents are continuing to see buyers flock onto the market, with many so eager to purchase a home that they are willing to close deals even without setting foot inside the property.
The Real Estate Institute of New South Wales (REINSW) experts expect this trend to continue, boosted by consistently high demand and low stock levels.
As such, both buyers and sellers are advised to come to the market sooner rather than later, according to REINSW residential sales chapter committee member and Belle Property Killcare principal, Cathy Baker.
“A lot of buyers are just buying virtually after the FaceTime tour and doing an unconditional sale straight away or coming back within 24 hours to get it all sealed.
“There is just an abundance of people trying to buy and what is making our job hard is the lack of stock and being able to match them with suitable properties.
“In fact, some people have made impulsive decisions in Sydney to sell and then can’t find something to buy as the market keeps increasing,” Ms Baker shared.
REINSW CEO Tim McKibbin shared the sentiment, saying that those that take their property off the market to hold out for “better times” – such as the easing of lockdown restrictions – could actually be missing out on opportunities.
“Vendors may be saying this is not the best time to sell because of travel restrictions, but I just don’t share those views because the data is speaking very loudly.
“We have had at least five or six weeks where auction clearance rates have been over 80 per cent and while it doesn’t represent the entire market, statistically, it is big enough to give us an indication about the strength of the market,” Mr McKibbin said.
Once lockdown ends, the CEO expects listings to increase sharply, possibly overpowering the strong demand even with the return of expats.
REINSW member and Merc Real Estate principal Mechlenne Douaihy said the surge in listings could happen as early as the middle of spring.
She’s therefore encouraging prospective vendors and their agents to get properties market-ready and make well-targeted campaigns as soon as possible so they could maximise opportunities before the market becomes overcrowded.