Quarterly Market Update
Welcome to this Quarters market update for the Hastings Area!
With Australia slowly returning to an economic state that is similar to prior COVID19, the property market has rebounded phenomenally.
At the peak of the pandemic, there were economic forecasts of a 32% decline in property prices, causing a lot of distress and uncertainty for property owners.
Fortunately, this prediction did not pan out, and instead, the Hastings area has experienced huge growth with a 14.43% increase in median house price in the past 12 months.
A combination of record-low interest rates, stamp duty savings for both first home buyers, non-first home buyers and a lower than normal level of properties on the market has driven prices higher than ever.
In all my years selling properties in Hastings, I’ve never seen a market quite like this. Demand is incredible and properties are rarely on the market for more than one or two weeks.
Most sales are happening with multiple offers submitted and often selling for far more than vendors or I expected.
What will happen for the rest of 2021? A question almost impossible to predict given the roller coaster we have been on the past 12 months, but the forecast is good.
I have read many reports, including that of Westpac’s chief economist who predicts the market will continue to rise at a rate of approximately 10% for the balance of 2021 and into 2022.
If you’re looking for any advice please feel free to reach out and I’m more than happy to assist.
Dominic Tallon – 0408 528 857
Director & Licensed Estate Agent
To download the full report click on the image below!