The real estate market took a collective pause over the Christmas period after a frantic end to a tumultuous year. However, the volume is already returning to the market which is a great insight into how the 2022 market is going to shape up.
January is often a quieter period, but many vendors have completed the leg work and their properties will hit the market in the coming weeks.
A lack of stock defined the market last year, but buyers are set to have more choice this year. Strong stock levels and high buyer demand means we are expecting to see a balanced market, with fewer runaway prices at auction, and more stable conditions.
February and March are already shaping up to be good auction months, so the strong run of Super Saturdays we experienced at the end of last year is tipped to make a comeback.
Many investors have been hesitant over the past few years due to the COVID-19 pandemic following rumors the property market was going to tank. The market’s resilience and strength were on display last year and we expect many investors to return to the property market this year. As always, family homes in desirable locations will be a market leader.
Omicron will challenge the real estate industry, just as it has almost all other industries. If the last two years have taught us anything though, it’s that we are adaptable. We may see auctions move back online or further uptake of hybrid models – online and on-street auctions – to accommodate buyers and vendors. We recommend all vendors incorporate an online option into their auction campaign to allow for contingencies if buyers or vendors go into isolation.
To discuss your 2022 buying or selling needs, call the Philip Webb Real Estate team today.