PHOTO: Auction clearance rates are very strong. Picture: James Gourley/The Sunday Telegraph Source: News Corp Australia
A turbocharged property market, roaring out of the COVID-19 enforced recession is set to fly into Christmas and beyond, according to one of Australia’s leading real estate figures.
Tom Panos, Australia’s leading real estate coach and trainer believes a series of post-recession factors have come together to create very fertile ground for buyers and sellers in our real estate market.
However there are a couple of conditions.
1. Houses are hot but units are not
“Because of the clarity a lot of people have had during the pandemic, demand for houses is as strong as it has ever been,” Mr Panos said.
“People who want to make a move, want something bigger. They want that backyard. If the last six months have taught us anything it is that space matters.”
2. Loosening of lending criteria is needed
“There appears to be no shortage of appetite for real estate,” Mr Panos said.
“The key drivers here are the cost of money and its availability. Treasurer Josh Frydenberg has indicated that in the near future there will be a loosening of lending criteria. And in doing so he has basically said to the market place, the money is out there, it’s cheap so get buying if the price is right for you.”
Christmas buying rush, and beyond
Stubbornly resilient home prices have forced some of the market’s biggest bears to change their point of view. AMP’s Shane Oliver who feared greatly for the impact the pandemic would have on Australian housing is now talking of a “spring bounce”. SQM Founder Louis Christopher is another who has regained his faith in the market.
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