A Wrap Of The First Quarter Of 2021By Lisa Fletcher | 06-04-21
The first quarter of 2021 has been packed full of real estate excitement in Berwick and our immediate core market area. With what some agents are now referring to as a ‘second Spring’, current buyer activity and low stock levels have become the catalysts for rising house prices. Auctions and private sale negotiations are becoming more competitive as the weeks progress.
It was a stunning outcome for the Peake team across the quarter, resulting in 104 properties sold and 39 properties let. A new benchmark price was set for Berwick at over $9m and Officer at just under $1.3m. Open home attendees and volumes were at an all-time high across the business.
So, what is driving this unexpected burst of energy in the market?
Finance remains ultra-cheap, and it is possible to get a mortgage rate under 2%. No overseas holidays mean people are also putting that saved money into property. The lockdown has also created a desire for extra home space with the possibility of little to no commuting time. Put this all together and it is no wonder there’s so much demand for good properties.
The market is rapidly increasing at the moment, which while from a vendor’s perspective, it is almost perfect, from a buyer’s perspective, it is challenging because they’re aware that if they don’t buy now, then prices are going to be higher next month.
We expect more stock to come onto the market in the coming months as more vendors feel at ease putting their properties on the market. Activity breeds activity. If people are seeing prices going up, as a seller, you are more comfortable putting your property on the market. As a buyer, you are perhaps more prepared to step out of your comfort zone.
For any real estate needs or further market insights, contact your favourite Peake team members or call our office on 9707 5300 or 5942 1207.