LOOKING AT REAL ESTATE TRENDS FOR ORMEAU & ORMEAU HILLS IN 2021

We entered the early part of 2020 with a cloud of uncertainty over the property market due to COVID as the country plunged into recession.  However, the real estate in Ormeau and real estate in Ormeau Hills have come through the crisis in relatively good shape.

Property prices have increased during 2020, and while supply is still low demand is at an all-time high.  Despite 2020 being headlined by stories of recession, unemployment and business closures, the interest in residential properties in Ormeau and Ormeau Hills has skyrocketed.

Why is this so?  A few factors are combining to contribute to this property market turnaround.  Household saving has reached levels not seen since the mid-1970s possibly due to many not being able to spend money as they previously would.  Borrowing costs have never been lower and will continue to remain so for many years to come.  Add to these factors, government incentives have been flowing into the market such as first-home buyer and stamp duty relief.  Combined, these factors are encouraging Australians into the property market.

Most of these stimulus measures will continue into 2021 which will continue to drive strong demand for Ormeau and Ormeau Hills real estate.

First-home buyers demand for property has been very strong with fewer investors in the marketplace.  Lending to first-home buyers reached an historic high in October 2020 being over 48% higher than the lending in October 2019.  This trend is starting to reverse in recent times.   Significantly, the types of properties investors look to purchase is likely to trend away from inner city apartments to established and new housing areas in regional areas where demand is lifting.

It is anticipated that real estate values in Ormeau and Ormeau Hills will continue through 2021.  While stock for sale in expected to rise during the year, it is not likely to surge to the extent that upwards pressure on prices is removed.

Overall, 2021 is shaping up to be a strong year for the property market around the country, but especially so in markets such as Ormeau and Ormeau Hills.

Through his hard efforts, Morgan is achieving one of the highest median sales price for his vendors and his recorded advertised days on market is one of the shortest in the market, and significantly better than some of the well-recognised agents in the area.

If you go to market without discussing the sale of your property with Morgan Oliver, you might be engaging an agent that lacks his track record and successes.  Is this something you can afford to do?

Call Morgan Oliver, your experienced Ormeau real estate agent today on 0404 050 620 to start a conversation about the sale of your property and achieving results like these.

jmoproperty.com.au
07 5517 5282