6th January 2021: Five Reasons to Sell This Summer

We are seeing greater than usual activity in the real estate market this Summer, due to the delayed and shortened Spring selling season. Many sellers and buyers are keen to secure a transaction before the end of the year or alternatively, are looking to launch their campaign in early 2021. There are lots of positive factors in the current environment which make it a great time if you're considering selling this Summer.

1. Record Low Interest Rates
   The Reserve Bank of Australia has given an early Christmas present for buyers in November, with a cash rate cut to the record low of 0.1 per cent. The cost of servicing a mortgage debt has never been lower, which presents an enticing opportunity for those considering a property purchase. It also means that the borrowing costs for lenders are lower, which could lead to their willingness and ability to lend more money for longer.

2. Lower Days on Market
   REIV President, Leah Calnan describes the 'Days on Market' metric as a strong indicator of buyer's desire. With the average Victorian home spending just 33 days on market in October2020 before being sold, it demonstrates the optimism that's returning to the Victorian property market. The October 2020 results are a marked improvement from the sluggish 71 Days on Market in September 2020, and even quicker less than the 34 days it took this time last year!
3. Buyer Activity Remains Strong
   Major real estate portal, Domain, reports that enquiries on sales listings have increased dramatically since private inspections returned. Total sales and rental enquiries also increased significantly, since restrictions in Victoria eased. Potential buyers have continued engaging with both virtual and video tours, indicating that audiences have maintained new ways to interact with properties.
4. Residential Property Price Index
   The REIV reports a strong rise in value for residential homes in Victoria since early October, with prices at the highest levels since the REIV Price Index were introduced in 2016.
5. Long Days!
   Summer in Melbourne means warm weather and more hours of daylight. It is a great opportunity to get your photography done while the garden is still looking healthy! Discuss with your agent about booking in either prior to the festive season, or perhaps mid-January.

Contact us today for a complimentary update from your Fletchers local area expert, or to discuss the options available to you.