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Market Insights with Allhomes

This month we sat down with Josh Yewdall, a key account manager at Allhomes.com.au. Allhomes has been helping the Canberra community find the perfect property and agent for the last 20 years, so we were excited to get their insights into the industry and local market trends.

Data recently released has shown that Canberra had one of its best quarters, and a new record for the median house price. What do you think are some of the contributing factors to the successful quarter?

  • Low Supply. Homes have been slow to market for some time. Sellers have weathered many shocks including bushfires, hailstorms and the pandemic. There are signs confidence is returning in the light of strong prices.

  • High Demand. Buyers are acting bullishly in a market characterised by tight supply. Strong prices are being offered in private treaty or ahead of auctions as they compete for a limited pool of stock. Canberra’s auction market has continued to show strength in recent months with clearance rates bucking the downward trend seen in other capital cities.

  • X-Factors. Historically low-interest rates, a range of stamp duty incentives, renovation grants, competition among lenders – as well as Canberra’s largely resilient economy.

How has Allhomes adapted to the way they interact with potential buyers and sellers? 

Allhomes took the forefront when COVID-19 hit. With its large reach, Allhomes wanted to be sure agents, buyers, sellers and renters had the most up to date insights and trends to inspire confidence in our local market. Our focus is on getting quality insights in the hands of consumers quickly so they can make their decisions to buy, sell or rent with the most up to date data.

We’re innovating using technology rethinking the traditional classified model. We’ve just released ‘Early Access’ which allows high intent buyers to get access to properties via property alerts before they even hit the market. This aims to drive confidence in the market for sellers, and put properties in the hands of buyers even faster than they would see them today. We’re also constantly improving our print and digital experiences allowing our users to find what they are looking for more quickly and easily than ever before.

After looking at the data collected over the past 3 months, aside from the new record median house price, were there any other significant changes or trends in the data?

In the last three months, Allhomes has seen increases in the number of people visiting Allhomes each month, converting into higher average listing views and enquiries. This demonstrates the clear number of buyers and general interest in the real estate market. Canberra’s auction market has continued to show strength in recent months with clearance rates bucking the downward trend seen in other capital cities and the median auction price for houses hitting a record high in July. We’re seeing a surge in first home buyers who are taking advantage of lower interest rates, retreating investor activity and reduced foreign buyer interest as well as the extension of the federal government’s first home loan deposit scheme and other state based incentives. According to the latest Domain First-Home Buyers Report, Canberra is the second most expensive city to purchase an entry level house, taking five years and five months to save a 20 per cent deposit for a $606,060 house in Canberra.

How have you seen agencies adapt to the COVID19 changes and restrictions over the last months?

It’s been fantastic to see how agents and agencies have embraced technology throughout the past months to ensure that they have not only delivered for their clients but also in terms of their own businesses. When COVID-19 hit, agents were swift to operate under the new guidelines and tailor their selling methods to the changing landscape. Some agents switched quickly to online auctions and some have continued to run auctions online even when the restrictions were eased.

We’ve also seen agents and vendors increase their digital footprint across social media using more video and also 3D technology in their listings to help display their homes.

What is your prediction for the Canberra housing market for the next quarter?  

We’re unsure what’s going to happen over the next few months but we’re hopeful for a great spring result for everyone!