This would have to be the most common question we are receiving from buyers and potential sellers right now.
In fact, this is one of the perennial questions in real estate.
In a strong market sellers are encouraged by the demand and high prices but also perturbed by the demand and high prices they will face when they become buyers. It’s a double edged sword.
The market has been on an incredible tear in the last 12 months, with houses up 15 – 20 per cent.
The lockdowns have simultaneously both dampened and stoked the market – restricting supply while making buyers ever more motivated to upgrade their cages… I mean homes.
And now that we are “getting out of lockdown” the expectation is for a flood of property to hit the market.
So where is this flood?
I believe it’s already here.
As a company, Jellis Craig Stonnington have 80 listings for October, which is a record for us. Most of these properties have already hit the market in the last two weeks or will commence next week.
Team Fetter/Sciola has launched over 25 properties since inspections resumed. This is more than double what we would normally launch at this time of year.
But this is only because we had a backlog of properties that we held back until inspections commenced. It’s not because new vendors are rushing to market.
I’m not seeing a huge increase in listing activity right now. We are already running out of time to list for 2021 and I believe a lot of potential vendors will wait and see what happens in the next month or two before making a decision.
So in all, stock levels are very healthy right now, but the chance of a sudden deluge of listings over the next month or two is unlikely, especially in Stonnington.
It might not feel like it to buyers, because there are never enough listings that suit their particular requirements at any given time. But this could be it. This could be the rush everyone is waiting for… So hop to it!
David Sciola 