Griffith property prices are remaining sure and steady, defying the previous negative prediction. We are seeing a stronghold on prices in the Griffith market, despite expectations for an opposing result. This is compelling news for those who are looking to sell and putting your property on the market should still be considered, even during this period.
Why is the Griffith market holding its own on price?
This comes down to basic supply and demand modelling. There are very low levels of supply, in fact, new properties coming onto the market dropped by approx 25% in March, and although April figures are not yet released, they’re expected to be similar. This suggests the Griffiths location as a tightly held suburb with opportunity for sales to be lucrative.
Furthermore, according to the Australian Bureau of Statistics, February 2020 home lending commitments were up by 19.8% and a significant portion of these buyers are yet to purchase, meaning with limited stock and an excess of pre-approved buyers, prices are remaining relatively steady.
What this tells us is that the property market has seen some positive results despite the crisis at hand.
At SOUL Property Agents, we can understand why many sellers are choosing to hold back in these times. The uncertainty of this crisis situation has made many risk averse. We have seen some soldier on with the sale of their properties with positive results.
As restrictions continue to ease, we are expecting a lot of property to come onto the market as many people discovered in ISO that their family home was too small, and they need something larger or too big and unmanageable and they need to downsize. This may lead to an oversupply which means more competition from other sellers.
While we don’t know what the future holds, we know now is an unexpectedly good time to sell. For more information on the value of your property, or about how we can help contact us today!