Ray White highlights the time to sell is now

Ray White Group Managing Director Dan White (left) and Loan Market Executive Chairman Sam White (right).

RAY WHITE GROUP Managing Director Dan White and Loan Market Executive Chairman Sam White took to the virtual stage last night to deliver the leading real estate business’s second ever customer-facing webinar that centred around why current market activity should give customers confidence to sell now rather than wait.

The webinar, that has been watched by more than 3,000 viewers, followed on from the success of the most recent Landlord Information Webinar and addressed property owners looking to sell in the next year.

“At a time when there’s so much conflicting commentary and confusion about the state and outlook of the property market, we wanted to talk directly to our customers about what’s happening now,” Mr Dan White said.

“That would allow them to walk away armed with real-time information to help them make the best decisions for their situation.

“The one thing we have been reminded about over the past few months is the deep resilience of the Australian property market and the great love Australians have for it.

“Real estate is so much more than a financial instrument - it's something that people don’t lose faith in when there's economic uncertainty in other sectors of the economy.

“People looking to sell need to know that the real estate industry has remained very active despite restrictions starting two to three months ago.

Ray White Group Managing Director Dan White (left) and Loan Market Executive Chairman Sam White (right).

“During April and May, we served nearly 9,000 Australian families and businesses, representing over $4.4 billion of property. We also conducted 1,025 online auctions, with a better auction day clearance rate than the same months last year – prices also remained strong.

“When you look at our suite of office sites, they’ve had 9,640,000 – more than a third of the Australian population – visit, and that’s up 24 per cent on last year.

“The competition for property is as strong as ever – and with demand very much outstripping supply right now – there’s never been a better time to list your property.

“Addressing the question of whether to sell now or wait, given the conditions we're seeing now and the potential risks in the market later this year, it seems hard to see why anyone would wait."

Loan Market Executive Chairman Sam White said buyers were confident and that was driven by the finance market and the support given to buyers from Australian banks.

“Banks and other major lenders have generally been very aggressive in trying to attract customers. We’ve seen this through very low-interest rates and specials, as well as banks offering customers cash incentives to refinance existing loans to them,” he said.

“Interest rates are at historical lows. For owner-occupied loans, we’ve seen variable rates from 2.63 per cent.

Ray White Group Managing Director Dan White (left) and Loan Market Executive Chairman Sam White (right).

“Fixed rates are even lower, with rates starting from 2.09 per cent, a figure you can lock in for two years. It's important you understand all the conditions that go with a fixed rate as restrictions may exist on your ability to make additional payments, as an example.

“A trend we’ve noticed is there’s never been a bigger discrepancy between lenders in terms of how quickly they can assess an application and provide you with a response.

“Some lenders have been impacted by overseas operations experiencing significant disruptions which has placed great pressure on their service levels.

“We’ve published lender response times ranging from one day to 36 days to refinance a loan. Some lenders are taking up to 15 days to review an application - but some are at two days. This potentially places pressure on being able to meet your purchase settlement deadline.

“As for buyers, trying to game the system and wait to pick the bottom is a dangerous game.

“Things can move against you, and you risk not being able to get that thing you really want, especially if it's a family home.

“Longer-term, there seems broad agreement that Australia’s fundamentals post-COVID-19 should remain strong. Property investment has, and will always be, a long-term investment.”