Boom market set to continue in coastal regions
Coastal listing numbers to rise as market shows no signs of slowing
A strong autumn selling season has been forecast for coastal areas as the market bounces back from lockdowns and buyer demand surges.
The Bellarine Peninsula is seen as a hot market, with local Barry Plant agents advising homeowners to capitalise on the strong conditions.
Continued growth with zero signs of slowing down is being predicted by Barry Plant Highton auctioneer Matthew Hunt, as he prepares for another busy quarter.
“There’s always a bit of action happening on the back-end of summer, but typically our market would start to slow down heading into winter,” Mr Hunt said.
“With the huge number of buyers we have, we are trying to educate homeowners that now is the time to sell.”
Mr Hunt said the movement they are seeing now is more chaotic than the last peak in 2017.
“Homeowners are taking our advice and listing because they are seeing results unfold week in week out,” he said.
“There is enough data to support our claims around a booming market, the values are on the rise.”
Low market activity during the lockdown is leading to a very strong autumn, according to realestate.com.au economist Nerida Conisbee.
“The market has been really tipped upside down with COVID,” Ms Conisbee said.
“And as a result, we saw the highest level of activity ever recorded over the summer period.”
Ms Conisbee said beachside areas are generally more active during summer, but the activity is still rolling into the next quarter.
“We are definitely due to see a strong autumn in comparison to previous years,” she said.
“Regions like the Bellarine or Mornington Peninsula are reacting more like capital cities with this kind of activity.”
While predictions a year ago were doom and gloom for the property sector, Barry Plant Geelong auctioneer Chari Emirzade forecasts the best autumn in a very long time.
“The property market in Geelong is strong on a monthly basis,” he said.
“But if things continue as they are, it will be the strongest market we have seen in seven years.”
Time on the market has dropped from typically 45-65 days to anywhere between 24-hours and 14 days, according to Mr Emirzade.
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