Newsletter June DP

Property boom set to continue in exceptional winter season

The Australian property market usually experiences a seasonal slowdown in the winter months, but experts say robust buyer demand and unseasonably high sales volumes point to continued price growth in a stronger than usual winter season.

Director of economic research at realestate.com.au Cameron Kusher said while he’s not expecting an early spring for the housing market, the COVID-induced property boom is showing no signs of a dramatic slowdown over the coming months.

“We are still seeing weekly preliminary sales at volumes similar to spring of last year and demand remains at very high levels.
Victorian buyer’s agent and Real Estate Buyers Agents Association of Australia president Cate Bakos said vendors in southern parts of the country tend to prefer selling in spring due to warmer weather and more positive buyer sentiment, creating a winter stock shortage that cannot keep up with demand.

“I think stock levels will be low and days on market will be even shorter. Prices are likely to spike and buyers will feel that the competition is even tougher. Record-low interest rates are fuelling buyer demand – Data from realestate.com.au shows buyer demand and sales volumes are currently much higher than they were a year ago, continuing a trend seen throughout 2021 to date.

Mr Kusher said record-low interest rates – which are not expected to rise until at least 2024 – are a key driver of buyer activity in the current COVID market. While low borrowing costs are a strong incentive for buyers, the high level of demand and limited stock for sale are driving fierce competition for properties, which is not expected to ease for some time, Mr Kusher said.

“We have seen increases in new supply coming to the market and they are at their highest level since October 2019; however, the overall stock for sale remains close to historic lows, so given that, it is still a good time to be selling a property,” he said.

Ms Bakos said sellers would be wise to take advantage of the current winter seller’s market. “Sellers, don’t wait for spring. Play the supply/demand ratio to your advantage and consider listing in July/August in an effort to capitalise on buyer demand,” she said.
Source realestate.com.au

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if you’re renovating before you sell, return on investment is likely to be top of mind. Where can you get the most bang for your buck?

The REA Property Seeker Survey (December 2020) found 84% of sellers undertook some kind of renovation before they sold.

“Even smaller renovations, such as updating flooring, paint or light fittings, makes a difference,” REA economic analyst Paul Ryan explains. “They make the house look well-maintained and can also present a blank slate for
new buyers who can better picture themselves living in the house. The trick for maximising your return comes from knowing where to spend and where to save.

Floors – REA data indicates 19% of sellers updated their floors and thought this had a positive effect on their sale price. It was the second most common alteration made by people selling their homes, with paint being the first.

Carpet Court National Merchandise Manager for Carpet and Hard Flooring Brett Talbot says potential buyers will immediately notice new flooring. “I would recommend to get your floors done,” Brett says. “It ticks a box when a potential buyer walks into a home and it’s one less
inhibitor they may have when considering purchasing.”

Kitchen – The kitchen and bathroom are two of the highest impact areas. They’re also the most expensive to renovate.

Experienced builder and director of construction and renovation company Supa Group, Matt Howard, says understanding the local market can help determine the return on investment on your kitchen reno.

You don’t need to do the entire kitchen, but a few
aesthetic touches, like cabinet handles and splashbacks, could help spruce things up. While your kitchen may need an entire overhaul, you could also do aesthetic changes such as cabinet doors, handles or benchtops.

Bathroom – Renovating the bathroom is going to be a big budget suck. However, if a potential buyer thinks they’re going to need to do a bathroom renovation, they may ignore your home altogether. It’s about weighing up the
necessity with the return.

Windows – Light is a huge factor when it comes to
buying and your home is going to have a bigger impact if it looks light and airy. However, this doesn’t mean you need to start knocking down walls and putting in skylights just yet. You may be able to create the illusion of more light and space via a few aesthetic changes. For instance, clearing out the clutter should be your first step. Reducing bulky furniture and overcrowded zones will make a room feel more airy. When selling your home,
it helps to create more light and space. The next step could involve changing your window coverings.

Source: realestate.com.au