Tom Panos: Christmas set to be the perfect time to buy property in Sydney this year

OPINION: Sydney’s lockdown has thrown the property market on its head, with hungry buyers set to get their best opportunity in over year come the usually quiet Christmas period.

By this time of the year, we normally see vendors lining up for their first open house leading to a bumper month of Spring auctions.

But in 2021 the rule book has changed.

Covid-19 has disrupted the pattern of real estate seasonal behaviour.

No longer does the month of the year matter – but the public health orders do.

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Below, I set out what will most likely happen between now and the end of the year:

Many vendors will hold off until the Government allows open for inspections and on-site auctions to be conducted. This appears most likely to be in late Spring / early Summer.

Auctioneer and real estate expert Tom Panos. Picture: John Appleyard

Some vendors are hesitant to allow agents, photographers, videographers and of course, buyers into their home until the majority of the population has been vaccinated.

Some vendors are not putting their properties on the market because even though the market is hot, and they will get a good price in the current market, they are concerned that due to the lack of listings, they won’t be able to find a property to buy.

Could we see mammoth crowds back at auction by Christmas? NSW. Picture: NCA NewsWire / Dylan Coker

The factors above all suggest that the real estate industry is now totally dependent on getting the green light from the Government to be able to operate without the current restrictions.

As a result, we could see a marketplace with an over supply of listings in November / December.

Agents could well be running campaigns throughout Christmas considering there will not be a lot of the normal interstate holiday travel.

For a buyer, this means we might be coming into the best buyers’ market we have ever seen for over a year.

Summer could be the new ‘selling season’. Picture: NCA NewsWire / Dylan Coker

The smart clients are seeing this as an opportunity to sell now where listings are scarce and request a 3-4 month settlement so they can be in a position to buy in the later part of this year, or in January 2022.

Of course, the million dollar question is – Will the buyer demand match the sellers when they hit the market?

Time will tell.