Properties snapped up over lack of stock available

This in turn has affected average days on the market as people tend to be snapping up properties due to the lack of stock and a fear of missing out if they wait until the home they want goes to auction.
Apartments and houses with big backyards have been doing extremely well as buyers not only come to terms with spending more time at home because of Covid, but a determination to buy prior to the end of the year. With only about nine weeks left of 2020 (and many will be joining in the chorus of ‘good riddance!’), home owners are getting in now to secure a sale and settlement before Christmas.
Auction clearance rates too have remained firm over the last few weeks, with a preliminary rate in Sydney of 75 per cent for the weekend October 17-18 which is just five percent down on the same time last year. Again, important to remember that less stock means a greater number are selling at auction, but from a smaller pool of properties which increases the clearance rate. Of course, with properties selling quickly both prior to auction and on auction day, there are potential buyers out there finding it particularly challenging to get into the market.
Prices overall seem to be holding firm, despite the predictions earlier this year of a potentially disastrous year for property values. It would seem that buyers and sellers who adopted a cautious “wait and see” approach during the height of Covid, have emerged from hiding with a renewed confidence which may ultimately see the market experience a surge early in 2021.
Sydney has seen the high end of the market take off over the last few months, with premium waterfronts and luxury homes selling at exceptional pre-Covid prices. This shows there is generally a buyer out there looking to pay the price for the home they want.
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