If you’ve been struggling to find your dream home your luck may soon turn around, with an increasing amount of housing stock expected to hit the market over the coming weeks.
December and January are generally slower months of the year, with many sellers choosing to hold off on putting their homes up for sale until the holiday period is over.
This is backed up by research from SQM Research, which showed that residential listings on the market fell by 7.9 per cent in December compared to the previous month.
This was particularly evident in Sydney where the total number of listings for December was down 18.3 per cent from the previous month.
However, despite the traditional slowdown in new properties hitting the market in December it was still a lot busier than usual.
While December was undoubtedly a slower month than November, the number of homes for sale was up by 13.8 per cent on the previous year.
According to SQM managing director Louis Christopher in a statement to Domain, December had been unusually busy with pent-up demand post-lockdowns.
“The month of December traditionally records falls in properties listed for sale as it is the start of the festive and summer holiday period,” Mr Christopher said.
“However, activity was strong all the way through to the last weekend before Christmas, which was unusual and likely reflected a degree of catch up from the property inspection restrictions earlier in the year.”
Sales activity likely to pick up
Looking ahead we’re likely to see a lot of those vendors who were holding out until the New Year starting to place their properties on the market.
Generally, a lot more listings start coming up after Australia Day. However some have predicted that sales activity will ramp up sooner this year as people make COVID-19 related lifestyle changes such as moving from cities to regional centres.
If you have found it hard to find a property of late though then you will probably find that you have more choice very soon.
Properties that do come up at this time of year might be snatched up quickly though, so if you’re looking to buy right now then make sure you have all your ducks in a row.
That is, try to have your finances sorted and ready to go, and be prepared to inspect the property and put in your offer as soon as you can or you might risk missing out.