If you’re in the market and you’re struggling to find property, there’s a good reason – the number of homes listed for sale had an unexpectedly large fall in December.
SQM Research has reported there were 272,999 properties listed for sale in Australia in December, which was down 7.9% on the previous month and 5.8% on the previous year.
This shortage of properties has helped drive an increase in prices – which is why some commentators expect listings to significantly increase in January and February, as home owners look to cash in.
If you’re planning to buy in 2021, here are three things to consider given the unusual conditions right now:
- Expect to pay a low interest rate for now but budget for future increases
- Be prepared to move fast if there’s a shortage of stock in your target area
- Consider how Covid-19 might affect inspections and auctions in your area