Australia’s traditional home selling season, Spring, could boom this year, experts say. President of the Real Estate Institute of Australia Adrian Kelly says listings are decreasing while inquiries from prospective buyers are increasing. Buyer activity is up 50% nationally on this time last year, says the nation’s largest property platform realestate .com.au.
“We can only look at what is happening in the market-place at the moment as well as in previous times of high unemployment to provide pointers to likely outcomes,” Kelly says.
Real estate executive Ray Ellis says economists are mis-reading the market and ignoring the emotional and security connections that Australians have to property. “If you step back from the distraction and noise of the predictions of economists, there are genuine factors pointing towards a strong recovery this spring” he says. “The market is characterised by first-home buyers taking advantage of the percentage of investors who choose to exit, and families activating with long-held plans for change.”