Real estate trend for December 2021

In July 2021, a typical home posted for sale in NSW on AAA Premier Realty Group received an average of 2,082 views, up 1.5 percent from the previous month and 43.9 percent year on year.

If you’re seeking to purchase or sell a property, you’re probably curious about how long the current market will remain. According to Red fin, property prices in the United States increased 24.8 percent year over year in June 2021, to a median transaction price of $386,888. The number of properties sold climbed by 20.6 percent during the same time period, while the number of homes for sale fell by 39.6 percent.

Property Market Forecast REA Insights

While the market is challenged by lockdowns, prices are supported by the minimal supply of stock available for sale and continued buyer demand. AAA Premier Realty Group’s key measures reflect a solid residential property market, however it’s not as strong as it was around Easter. Buyer demand, weekly searches, and weekly sales volume have all decreased by about 10% since their high. While some of this may be due to seasonal factors, there are hints that price increase has reached a saturation point. Given the impact of the lockdowns on normal market activity, the next spring selling season will be a key indicator of demand.

Overview of the Market

While recent economic data has been mostly encouraging, the lockdowns in July and August – and perhaps beyond – will surely have an influence on the recovery in the months ahead. Total loan commitments, including refinancing activity, hit a new historic high of $48.3 billion in June, according to the latest lending data from the Australian Bureau of Statistics. Owner-occupier and first-home loan commitments dropped during the month, thus refinancing and investment lending drove the result. Investor financing has already surpassed first-time home buyer lending, which has been trending downward since January 2021. Owner-occupiers, on the other hand, continue to be the most common borrowers.

Amounts sold

In Sydney, weekly preliminary sales volumes fell only slightly in July, but they are still 55.5 percent higher than a year ago. Sales volumes are up 44.2 percent year over year in regional areas. This year, sales in Sydney’s inner west and south west districts have increased the most, while in regional areas, cumulative weekly sales in New England and North West NSW have more than doubled over the year.

Number of people that have looked at each listing

During July 2021, a typical home posted for sale in NSW on realestate.com.au received an average of 2,082 views, up 1.5 percent month over month and 43.9 percent year over year. The Northern Beaches and Sutherland had the most number of views per listing in Greater Sydney, while the outer south west suburbs and the Central Coast had the highest year-on-year growth. Views per listing have more than doubled on the Mid North Coast (159.6%), Hunter Valley excluding Newcastle (128.8%), Capital Region (117.9%), New England and North West (107.7%), Coffs Harbour-Grafton (105.8%) and New England and North West (107.7%) in regional NSW.

Current Housing Market Trends: Crash or Boom?

The housing markets appeared to be rebalancing in November, as shown by a steady pace of transactions and more moderate price growth. More homeowners are listing their houses for sale, which means they are staying on the market for longer. Despite this, buyers must be ready to act fast, even if they are given a few extra days to make their decision. While the housing market is still predominantly a seller’s market because demand continues to outpace supply, it is apparent that things are shifting. The amount of bidding battles has fallen dramatically as more homes come on the market. Home price appreciation forecasting is a difficult task. While inventory has increased marginally, it has remained quite stable.

Conclusion

Since November 2018, when they reached a five-year high of 4.94 percent, mortgage rates have been steadily declining. According to the National Association of Realtors and the Mortgage Bankers Association, mortgage rates are predicted to average 3.1 percent in 2021 and 3.3 percent in 2022.

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