How is the Property Market Tracking in 2020?
The end of each year is an appropriate time to take stock of the market and look at trends for the coming year. In December I wrote that the market had ended the year in a strong position and that analysis of listings, sales and buyer numbers indicated a strong start to 2020. So now that we’re almost half-way into February, how is the market trending?
Well, what an end to the year….. prolonged drought and raging bushfires and yet the market retained its buoyancy. Properties listed and properties sold, several with record prices confirming buyer confidence. The bushfires that inflicted Eastern Victoria in the last week of 2019 were widespread and of an intensity that impacts not only the local, state and national economies but the emotional fortitude of everyone whether you’re in the bushfire zone or not. Couple that with the raging heat, gale force winds, dust storms, torrential rain and now localized flooding and we have all the ingredients for a very flat start to the property market year. And yet, the reality could not be more different. Here’s why…..
January 31 is acknowledged as the most popular date in the most popular month for people to quit their jobs – festive season over, the following weeks become a time for reflection and goal reassessment and by the end of the month, the die is cast. Jobs are quit and moves on the cards. The direct result is a flush of properties entering the market and no shortage of buyers, the majority of which are families seeking a new rural lifestyle along the Hunter-Mid North Coast. But make no mistake, these are not ‘fire sales’. Vendor expectations are strong and being met by excellent offers – with several properties selling very quickly at premium prices as buyers seek to be settled as they commence new jobs. This trend is being helped along by continued confidence by investors buoyed by the impressive infrastructure in major centres like Newcastle and improved road and rail services.
Despite what is a very positive start to 2020, the property market is not written in stone and there is always the ‘known unknowns’ to consider – global financial crises, viral pandemics and the like. But notwithstanding such events, I can say with all confidence that the residential, rural lifestyle and investor markets will maintain their strengths through the popular autumn listing period. It’s a great time to sell and a great time to buy so if you’re thinking of doing either – or both, the highly qualified, skilled and professional team at R&R Property is here to assist.