Did you know that a record number of property listings came onto the market across Australia’s capital cities, hitting a 3 year high in October?
While October is seasonally a strong month for new listings, the easing of restrictions after months of lockdowns as well the return of in-person inspections, gave seller’s a boost of confidence to come back to the market.
These factors drove a wave of new listings in Sydney (+26.2% MoM) giving buyers more choice, particularly for those looking for properties in Paramatta (46.3% MoM) and the Inner South west (42.4% MoM).
While this may help temper some of the buyer tension in the property market, with more choice of stock – they won’t be spoilt for choice. Buyers can continue to expect tough competition out there while supply is still low and there is no indication that demand will significantly wane.
So, what can we expect for the housing market in 2022?
The sentiment out there is that the current level of price growth is not unsustainable in the long term and is predicted to slow down in 2022. ANZ’s conservative prediction is a national 6% growth over the next 12 months compared with 21.6% growth the previous 12 months.
Buyer demand will continue to have a steady and healthy pulse with our international borders opening to former expats, foreign buyers, visa workers and students, driving demand further and keeping the prices up. This will significantly impact the unit rental market and will be welcome news to investors.
We can expect to see an increase in buyers opting to build a house or buy a house and land package as competition continues to price them out of the market.
It would be safe to say that you haven’t missed the boat in taking advantage of a seller’s market this year if you are planning to sell next year, with solid growth and strong demand forecast for 2022.
It’s not too late to dip your toe in the water!