Not enough Property on the Market to Meet Demand
According to Raine and Horne chief executive, Angus Raine, agents are clamouring for more listings to meet the buyer demands.
Senior economist of Fairfax owned Australian Property Monitors, Andrew Wilson, commented that there have been no signs yet of the traditional winter slowdown.
Following the Reserve Bank of Australia (RBA)’s decision to cut the cash rate to 2.75%, property observers have claimed that the Sydney property market is “flying.”
LJ Hooker real estate deputy chairman, L. Janusz Hooker, said that the RBA had entered uncharted territory with the current record-low interest rates.
Hooker maintained that the prevailing interest rate climate is good news for mortgage holders, as it should put some money back in their pockets while also improving housing affordability.
The current housing activity showed that consumer confidence is rising, and that at present there are insufficient properties on the market to meet buyer demand, according to Hooker.
He stated that transaction volumes were rising and buyer enquiries had increased, but agents are struggling to deal with not having enough listings to meet the demand.