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BUYERS SCRAMBLE TO CAPTURE THEIR CASTLE

Mr Nicolls said the strong turnover of property in late 2020, a trend set to continue in 2021, was "extremely healthy" for the Australian economy.
14-01-2021

What's ahead for real estate in 2021?

That's the big question being asked by both vendors and buyers now that the calendar has ticked over into the new year.

KR Peters Director Peter Nicolls has a few thoughts about how 2021 will play out.

He says the effects of the Covid pandemic will linger well into the new year with the memories of prolonged lockdown, particularly among Melburnians, prompting many people to reassess where they want to live and what kind of home they want to live in.

"2021 will be a year where people will buy and sell more to live the life they desire," he predicted.

"We live in a world where there will always be optimists and pessimists. From my point of view buyers and sellers have made up their minds that they want to get on with their lives.

"They understand that they cannot change the conditions, but they can make choices on how they live their lives."

He said property prices had proven resilient over the past 12 months and the dream of owning a property, which provides a safe haven in troubled times, has never been more appealing.

"As people have been forced to spend so much time at home they are asking themselves 'What makes me happy?'. If their home does not provide them with comfort, lifestyle and meet their entertainment needs, then they are not hesitating to make a move."

Mr Nicolls said the strong turnover of property in late 2020, a trend set to continue in 2021, was "extremely healthy" for the Australian economy and was particularly important to state governments, which rely heavily on stamp duty for revenue.

"The ceasing of JobKeeper in March should pull the market back a gear but will not dampen buyer enthusiasm," Mr Nicolls predicted.

"Provided Covid does not return with a vengeance, we will see strong sales activities across the board.

"Home is now more important than ever. People definitely do not want to be prisoners in their castle."