The Berwick property market continues to rise following a sluggish gloomy 2020, with a new report showing the leafy suburb as the most in-demand for Victoria.
A recent report by realestate.com.au painted a clearer picture of demand by specifically showing how many ‘highly-engaged’ buyers were looking at each suburb.
A ‘highly-engaged’ buyer or someone who is likely close to making a purchase is determined by their activity on the property website, such as returning to a listing multiple times, looking at floor plans and contacting the agent.
Berwick was also the second most in-demand suburb for houses nationally, with 42,355 ‘highly-engaged’ buyers looking at properties in the suburb over the past year, a strong 53 per cent year-on-year change.
“Berwick is still an affordable suburb compared to your more inner-city locales,” Mr Ketteringham said.
“The buyers are really diverse, from first-home, entry-level to even your fourth or fifth-home buyers, chasing lifestyle and small acreage properties.”
Berwick’s median house price was at $720,500, a $15,000 rise from February 2020, while the unit median value was $600,000, a $25,000 increase.
Mr Ketteringham said properties under the million-dollar price tag were rarely on the market for more than 14 days.
“Fear of loss by buyers is evident with most properties at the moment,” he said.
“In comparison to last year, homebuyer confidence is back, and people have been very aggressive with their offers,” he said.
The Berwick office continues to use a variety of selling methods, including auctions, private sale and private ballot sales.
“The volume of enquiry for the right property is very high, we have more than 30 groups at each inspection,” Mr Ketteringham said.
COVID-19 has proven to be a major impetus for homebuyer demand in Berwick, as house hunters searched for lifestyle, bigger land and more bang for their buck, according to director of economic research at realestate.com.au, Cameron Kusher.
“Low borrowing costs, restrictions on travel and the ability to work remotely have probably been the three biggest factors in driving this surge,” Mr Kusher said.