It’s not by chance that news of Australia’s second consecutive month of market growth has coincided with the strongest monthly activity we’ve had all year. Forty one properties sold in Wentworth Point over November - a sharp 86% rise from last month’s total of 22, and the highest monthly number for 2020 thus far.
With our agency achieving 11 November sales, the market is bursting with buyer urgency and confidence, as low stock levels continue to be the primary driver behind the documented resurgence. Supply levels remain a direct result of increased sales, despite the stark increase in fresh stock. The spring period saw a 42% rise in new listings nationally, while the total number held firm at -0.6%.
It has become commonplace for multiple buyers to be interested in the same property, and this week we placed 216/8 Baywater Drive under contract for an excellent price we’ll be able to share with you in the coming days, after a short lived 13 days on the market, 18 buyer inspections, and four separate offers competing to secure it. With the number of properties for sale remaining 20% lower than this time last year, and 24% below the five year average, we can expect competition like this to remain for some time.
Limited inventory and high optimism are key elements of the broader market climate. The price recovery trend continued through November with CoreLogic’s national index recording another monthly rise, seeing dwelling values up 0.8% after 0.4% growth last month. Alongside confirmation that we are technically out of recession, with our GDP increasing 3.3% in the last six months, there is a rising likelihood we’ll see property prices surpass pre-COVID levels in early 2021.
We are always speaking with the prospective buyers who remain in numbers and are watching the market closely. Keep the conversation with us open, so we can help you take advantage of the current market conditions, before they move further.
