- Email enquiries have reached record highs according to REA Group
- Online search activity has also surged
- Property prices are tipped to spike as stock fails to keep up with demand
Prospective property buyers remain undeterred by lockdown restrictions as email enquiries and online activity spikes, according to a REA Group report released today.
REA Group Director Economic Research and report author, Cameron Kusher, explained that email enquiries have surged to historic highs.
“Ahead of what is likely to be a delayed spring selling season, we’ve seen buyer demand climb to an all-time high in August with email enquiry surging 12.2% over the month and views per listing increasing to be 46.7% higher compared to the same time last year.
“Limited housing stock available for sale combined with prolonged lockdowns in a number of states and territories has created difficult conditions for buyers.
Despite the challenges enquiries from first home buyers jumped 31.5% and from investors spiked 17.1% in August.
Interest from typical owner-occupiers on the other hand fell 21.6%.
Email enquiry to agents by enquirer type – national
Search activity for property sales spiked 17.6% on realestate.com.au in the year to August. The higher search activity is expected to continue in the states under lockdown restrictions.
“With lockdowns expected to continue in ACT, NSW and Victoria, we may not see this demand pressure alleviated until seller confidence returns and the volume of new supply increases once lockdowns end.
As there are fewer homes on the market, views per listing increased 1.2% in August, reaching historic highs. The figure was 46.7% higher than the same month last year.
This indicates a persisting disconnect between the national supply of stock and buyer demand, which Mr Kusher predicts will push prices upward.