- Preliminary weekly sales were 60.7% higher than same time last year
- Preliminary weekly sales were also 68.7% higher than pre-Covid in 2019
- Almost half of all searches are for minimum of three bedroom properties
Property sales have remained steady despite winter and lockdowns, a report from the REA Group has revealed.
8.7% more preliminary sales were recorded during the first week of July than the previous week, according to REA Insights Housing Market Indicators Report July 2021.
So far this year, preliminary weekly sales were 60.7% higher than the same time last year, and 68.7% during the same period in 2019.
Although there was a slight drop in enquiries to agents on realestate.com.au during June (-2%) investors are continuing their comeback. Nationally, search volumes are 13.9% higher compared to a year ago but are off their peak of February by -8.6%.
Average views per listing declined by 4.6% in June, but remained 43.2% higher on a year-on-year basis.
Three bedrooms remain the magic number for property seekers; 49.2% of filtered searches were for a property that had a minimum of three bedrooms in June 2021.
All indicators continue to both outperform previous years, despite winter typically being the quietest period for the housing market, said REA Group Director of Economic Research, Cameron Kusher.
“COVID-19 lockdowns across the country may have had some impact but activity is relatively strong despite the market not returning to its pre-Easter strength,” he said.
“Demand has eased slightly but properties for sale are still tight so are expected to continue to sell quickly. Views per listing levels are likely to remain comparatively high to similar winter periods.
“First home buyer demand is likely to wane while we expect to see enquiry from investors increase as they stage their comeback.”
Mr Kusher added that with low borrowing costs and rising prices, an increasing share of property seekers continue their search for properties above $1 million.
“This may result in increasing housing affordability challenges come spring,” warns Mr Kusher, “Over the coming months it is reasonable to expect some further slowing as we move deeper into winter.”