COVID-19 has impacted the housing market massively over the past year, with house prices falling for four consecutive months, bans on in-person auctions and open houses, and a moratorium on rental evictions.
Despite the tumultuous conditions, industry experts are forecasting a sensational spring, with market sentiment remaining high and a 'mini-boom' on the cards when all restrictions are lifted.
Check out the state by state breakdown of current market conditions and what experts are predicting for spring, as well as a national outlook below.
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Queensland
Harcourts Solutions Group Director, Brendan Whipps, said the Queensland market had been most impacted through the March to April quarter.
"Since May however, we have been trending back to our normal numbers, in fact we had approx 700 groups through our properties every weekend last month, whilst the most we had through the initial COVID period was around 40," Mr Whipps said.
“There are certainly buyers and a heap of demand but little stock on the market at the moment.
"We’re finding that prices are not just holding, they’re actually growing."
Mr Whipps forecasted strong market activity for the Sunshine State, provided there was an influx of stock.
"We completed over 850 appraisals during the winter period which tells me that there are a lot people currently in the ‘consideration phase’.
"Stock is low at the moment but if it starts to flow as confidence picks up, we are going to see big inspections numbers, plenty of buyer competition and multiple offers at properties that come onto the market.”
Victoria
Chief executive of Harcourts Victoria/Tasmania, Tony Morrison, said the Victorian housing market had been remarkably resilient through the COVID outbreak and extended stage four restrictions.
"People just love real estate in Victoria. When we first went into lockdown in April, our sales probably went down about 30% but then in May we were almost back to normal," Mr Morrison said.
"Overall if you look at the same 6-month period this year, it’s not that different than for the same time last year."
Mr Morrison said the rollback of lockdowns would see houses selling like hotcakes.
“Once lockdown finishes, if you’ve got a house to sell, I can tell you they are selling quickly, getting multiple offers and great prices.
"All things considered the market is good. So far there is every indication that we are going to experience a boom after restrictions are eased and our extremely resilient agents are very optimistic about the spring this year."
South Australia
Brett Pilgrim of Harcourts Pilgrim, said although COVID had stunted market activity in South Australia, house prices had remained relatively steady.
"We have certainly seen less desire to go to market and across the board less listings, this has really given the buyers less choice and therefore maintained pricing pretty well across the board," Mr Pilgrim said.
"We are finding that what we are bringing to market is going really well at the moment and numbers at open for inspections have actually increased.”
Mr Pilgrim said he wasn't expecting there to be a mountain of new properties come onto the market in spring, and tipped some of the best buys to be found offline.
“Initially, there was concern we could have a large influx of property that could affect prices and although I think that comes at some stage, to a degree I still think people are holding back which to us feels like the spring market will hold quite well.
"Even though there seems to be not too much online, I think a lot of agents like us have a large number of off market opportunities, so if you’re looking to buy, talk to local experts on what they might currently have for sale.”
New South Wales
Nicole Jackson of Harcourts Jackson Power Property, said it appeared spring selling season had started early in New South Wales, with buyers needing to be well-prepared to nab their dream home.
"If you’re a buyer, you need to be at the very first open for inspection as properties are just not lasting," Ms Jackson said.
"There are also probably a record number of off-market properties being sold at the moment so I think you need to be very clear on what you are after, speak to agents and be in constant contact with them.
"Make sure you have your finances organised too, homeowners are not going to wait for finance clauses to be realised, there is so much demand that they really don’t have to."
Western Australia
Chief executive of Harcourts WA, Paul Blakeley, said the Western Australian housing market had gone "a bit nuts", partly due to the government's HomeBuilder scheme.
"At the start of the year values started to improve so before COVID hit we were gearing up for a big year," Mr Blakeley said.
"Uncertainty set in when COVID first hit but we then bounced out of the blocks really fast due to low interest rates, government incentives and high buyer demand.
"Vacancy rates are also way down so the market is really ticking along a lot better than anyone anticipated.”
Mr Blakeley said stock had tightened going into spring, so buyers with their finances in order early were putting themselves in the box seat to be able to purchase a new home.
"In terms of buying, if you are in the market now, I would suggest getting pre-approval from your bank as soon as possible.
"Do your research, get finance approval and if you see a property you like, don’t wait, get your offer in and make it a competitive one.”
National
Vicky Devine, chief executive of Mortgage Express, said the pandemic had caused people to reevaluate their finances and potentially save themselves thousands.
“The home loan space has quickly adapted to the impact of COVID-19 conditions, moving to meet changing “market variables” and customers taking advantage of various eligible stimulus packages," Ms Devine said.
"Overall, we have seen an unprecedented home loan market that has been driven by refinance, first home buyer activity and pre-approvals as customers prepare for spring."
Ms Devine urged potential borrowers to have an open line of communication with lenders to put themselves in the best position possible to buy a house this spring.
"The preference is to not be caught up in an urgent sale process and be in control.
"Lenders are working hard to provide suitable and agreeable options, but I suggest customers get on the front foot, talk to your broker and be clear on all your options."
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