The year 2020 was an uncertain time for the property market. Despite predictions of large price falls early in the coronavirus recession, the property sector has come through the crisis in remarkably good shape. With property prices increasing during the pandemic and supply still low buyer demand is at an all time high, it’s certainly a good time to think about selling for those considering a change.
Despite being headlined by recession, rising unemployment and business closures, interest in residential properties for sale has skyrocketed.
Household saving has reached levels not seen since the mid-1970s, with many Australians unable to spend money the way they normally would and with most stimulus measures to continue into 2021 and interest rates to remain low for a number of years, buyer demand will likely stay at near record-high levels in 2021, driving strong demand for property purchases.
Local property prices have been rising over recent months, fuelled by strong demand and low borrowing costs, it seems unlikely that these conditions will change in 2021.
If you’d like any advice on buying or selling please contact our office and our expert team will be happy to guide you.