- REIA urges would-be sellers not to hesitate listing their property
- President says it is a good time to sell due to high levels of demand
- Sydney and Melbourne both have recorded high median house prices
Adrian Kelly, Real Estate Institute of Australia (REIA) President, has urged homeowners who had been considering selling their house before the pandemic to not hesitate in doing so now.
While acknowledging the pandemic had created much uncertainty, Mr Kelly said the economy had bounced back much faster than anticipated, which in turn had increased the demand for housing.
He argues the remainder of autumn and winter presents itself as a unique selling opportunity.
“Demand is strong with buyers hungry for housing and it’s difficult to know how long the good times will last,” said Mr Kelly.
“As agents, we know there are buyers out there and the market is on your side.”
“Should the Federal Budget 2021 be strong on its outlook for economic conditions both buyers and sellers can buy and sell with confidence knowing the nation is performing well.”
Adrian Kelly, REIA President
Mr Kelly added that before the pandemic, property rises have consistently risen over time – 500% over the past twenty-five years to be more specific.
Just yesterday, Domain’s House Price Report revealed that Sydney’s new median for houses is now over $1.3 million. Recently, Melbourne’s median house price hit over $1 million for the first time too. Cities such as Darwin and Perth, however, are yet to reach record high levels.
He concludes his remarks by predicting all dwellings will continue to see growth – not just houses.
“Apartments and units are also likely to see strong growth in the future as buyers fear of missing out take should, including in Sydney and Melbourne as CBDs recover and adapt to the new normal.”
“Over the past quarter of a century, apartment and unit prices have climbed by around 400% and with new supply starting to taper off, we can expect median prices to increase.”
