Buying a house before Christmas Heats Up

Thursday, 3 December 2020

It seems buyer demand has increased to buy a house in Sydney before Christmas and to get kids into school zones, but there are more units than houses to choose from. This has caused some to hold off and save more for a larger entry level house farther away from the city.

Data shows that new house listings in October dropped compared with October 2019, but unit listings have only gone down by just 0.8 per cent in the same period.

Borrowing has also gotten cheaper with low interest rates so first-home buyers are shifting their sights on house farther out of the city. This puts areas like Marsden Park in their sights. Many buyers however are still being outbid or have missed out because of far better offers.

The issue is that government support ends in March 2021 and unemployment is still high as the pandemic hangs around. This means the real estate market isn’t doing great for available houses, so more buyer’s agents are being used to entice home-owners to sell their houses. It's a tactic used to help buyers get a foothold into the market before the end of the year.

This is a seller’s market, but many are still reluctant to list their homes, especially if they are not able to find their next home in the current short-supply market.

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