Page 4 - Spring Quarterly Review

Momentum Keeps Building

Mid August Results.

We come into the third week of August with the One of the areas that has not been spoken about is
knowledge that the sales numbers for July were at net migration. Analysts believe there was going to be
record levels for our company. The momentum keeps a 40,000 person gain during this 12 month period.
building, with new listings and sales numbers
continuing at very high levels. Supply and demand is The net estimate flow for the 12 months to
balanced and this is giving November 2019 was 64,000 and the latest figures
confidence to both sides of the transaction. show there have been another 41,000 arrivals over
the six months to May 2020. Covid-19 has so far
boosted our net migration gain significantly and this
As written in the opening letter, most market is adding to the housing demand.
commentators have now revised their previous
negative predictions that there would be a downturn
in residential property prices and have acknowledged As mentioned above, supply and demand are a key
on a number of levels that all of the data is pointing driver of people being able to transact in the area of
to continued stability and in many of the markets a real estate. New listings are continuing to enter the
heightened level of activity. market at rates higher than usual for this time of year
but at the same time, the depth of the buying side of
the transaction is supporting the consumption of new
The purchasing power of buyers in the current stock which affords sellers the opportunity to
market remains strong, supported by historically low maximise the result at sale time.
interest rates. Properties sold by auction in the last
week achieved 3.3 registered bidders and 2.7 active
bidders on average compared with two registered
bidders and 1.5 active bidders, from the same period
last year. In addition to this, a net 96.2 per cent of
property taken to auction received active bidding,
which gave almost all owners who took their property
to auction an opportunity to consider selling on the
day.

While predicting what the market is going to do next
remains difficult, the data available to us shows that
right now there is strong activity, both on the listing
and selling side of the transaction, which points to
market stability and the continued gains in
confidence in the general economy will be an
encouraging market sentiment.