Don’t get beat out by bad weather: Angus Raine
It’s one thing to miss out to another buyer, but new analysis from Raine & Horne shows that Aussies may be letting cold temperatures get the best of their buying plans.
According to the network, lower-than-average attendance at open homes in several states during the month of July corresponded to areas that had experienced inclement weather and frigid temperatures.
In NSW for example, listings jumped 21.15 per cent for the network during the month of July, yet attendance at opens actually fell 4 per cent, with Sydney experiencing its coldest and windiest spell in 13 years.
Similarly in Tasmania, where new listings increased 11 per cent in the month, attendance at opens fell by 43 per cent, reflecting sentiment in the market as well as icy temperatures, with only three days above the 10-degree mark for the entirety of July.
Angus Raine, executive chairman of the Raine & Horne property group, said that while midwinter is usually quiet, the dip in attendance has also clearly been impacted by “wild weather”.
As a result, he said that those willing to brave the elements to find their perfect property had been rewarded for their efforts.
“This is giving those home buyers who are prepared to rug up and head out a key advantage as they face less competition at a time when we are seeing much-need fresh stock come onto the market.”
In the remaining winter months of the year, Raine said that he would “absolutely encourage home buyers and investors to put on a few extra layers, shrug off the weather and take a look at the stock coming onto the market before spring arrives when buyers typically come out in force”.
Indeed, the network is predicting a big spring, with appraisals and new listings already reflecting the market’s anticipation of warmer weather.
“New appraisals in late winter are a bellwether for the spring market, and along with the exceptional volume of listings coming onto the market right now point to a bumper spring selling season,” Raine said.
“This is great news for home buyers who have been battling an extreme shortage of listings for several years. The rise in homes listed for sale gives buyers an excellent opportunity to find their dream home rather than settling for ‘close enough’.”
Queensland is expected to be one of the hottest markets, with open home attendance up 30 per cent off the back of a 13 per cent rise in listings and 16 per cent rise in appraisals.
“For home owners in the Sunshine State who have been thinking about selling, now is definitely the time to take advantage of stiff competition between buyers,” Raine advised.
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