Weighing up the numbers | The Real Estate Wrap with Leanne Pilkington
Welcome to this week’s video edition of The Real Estate Wrap with Leanne Pilkington, Managing Director of Laing+Simmons and President of the REINSW.
With the combination of Easter, Anzac Day falling on a Saturday and COVID-19, auction numbers remain at lower than normal volumes. While it is not unusual for these to dip over national public holidays, given the additional challenges around on-site auction restrictions it will be interesting to see if volumes increase next week.
Hey everyone, Leanne Pilkington here for the Real Estate Wrap for the week commencing April 27.
April’s always a tricky month in real estate because we usually have Easter, depending of course when it falls, we’ve got school holidays and also Anzac Day. So this year we’ve got the added chaos of COVID. So, to give you a bit of an idea, listing numbers are down 28.7% on April of last year, which frankly wasn’t a great month either but the actual price of property across the country rose interestingly by 0.4% in the month of April, but to give you some context, it was an increase of 1.1% in March, so that is certainly slowed down.
We’re not expecting though to see widespread distressed sales of property so that is what tends to have a dramatic decrease in the market and we’re not expecting that because the banks have given 6-month mortgage holidays for people that are not working. So I should be careful how I say that, right? Because it’s not really a holiday. Just because you don’t have to pay it right now doesn’t mean you don’t have to pay it at all. And so I have attached a download to this video that gives you an idea of what the bank’s generosity is actually costing you.
One of the other things that we are working on at the moment is calls to all of the state governments around the country to have a 75% decrease in stamp duty because that is definitely going to increase buyers interest in this time of uncertainty.
So anyway, I hope you are all staying safe and I will look forward to connecting with you via social very soon. Take care.