COVID Market Review
Twelve months ago, Australia was staring down the barrel of a crisis like no other.
The global Coronavirus pandemic had landed on our shores and action needed to be taken. We saw the unprecedented action of lockdowns being enforced and new restrictions that have become the new norm. However at the same time, another issue was arising with panic buying resulting in toilet paper selling out across the nation.
Fast forward twelve months and the South Australian real estate market is currently like buying toilet paper in 2020. Both the sales and rental markets have an increased demand and potentially a lack of supply.
According to property valuer’s Herron Todd White, ‘infrastructure projects being undertaken, the low interest rate environment and the rollout of the COVID-19 vaccine are considered factors that will positively affect the market in 2021’.
In the local real estate markets we are seeing properties on the sales market achieving prices significantly higher than set asking prices or reserve prices for auctions. Furthermore, rental properties are receiving up to 10% rent increases in the area due to increased demand.
What the remainder of 2021 holds is certainly unknown, however early indications show that this could be the best year for the South Australian Real Estate market yet.
If there is anything that we can do to help you with buying, selling or renting out your investment property, please feel free to give us a call on (08) 8281 1000.