- Less competition over Christmas could make it a good time to buy
- When borders open competition for property will spike
- Buyers are encouraged to look to the medium and long term when considering price
As we get closer to Christmas most prospective property purchasers are winding down their search to enjoy a house hunting free Christmas.
But Pete Wargent, co-founder of BuyersBuyers believes this holiday season might just be an overlooked opportunity for a bargain.
“Often we see property buying clients losing a bit of interest at this time of year, as thoughts turn to summer holidays or more festive pursuits than kicking off with a property search,” Mr Wargent said.
“With new listings rising, some buyers are sensing a window of opportunity to buy ahead of the international borders reopening in full in 2022.”
Peter Wargent, BuyersBuyers Co-founder
SQM Research data shows that total property listings rose nationally in October, although historically they remain low.
Riskwise CEO Doron Peleg explained that stock levels have been uncommonly low throughout this year. But he says more recently, this has been changing.
“There is a brief period of time before record low overseas arrivals numbers are
replaced by a new wave of arrivals,” Mr Peleg said.
“Logically buyers should have less competition and potentially more choice before international travel picks up again in earnest,” he said.
Mr Wargent encourages buyers to place focus on the potential medium and longer term value with respect to the price.
“Buyers ideally shouldn’t become too focussed on small price movements since they tend to be relatively immaterial over a decade.
“Try instead to think about where prices will be ten years from now.
“December and January can be an exciting time to buy property, with less competition.”
Peter Wargent, BuyersBuyers Cofounder
“Immigration has been high in Australia for the past 15 years, and it will be again relatively soon. But for a brief time, there may be an opportunity to snare a bargain purchase” Mr Wargent concluded.
Overseas arrivals and net migration