The goals have changed for homebuyers

As we have been reporting for quite some time now, it is clear to us that there are a large number of homebuyers around Melbourne’s north-west who are using the current lockdown to do extra research on the property market.

Based on our recent experience when the first stage of restrictions was eased, along with recent examples of what happened in places like New Zealand when their lockdown was eased, we expect that this increased research is the likely first phase of a situation where buyers will feel able to take decisive action as soon as the restrictions on physical property inspections are eased.

Indeed, the analysts at realestate.com.au have confirmed this perception. The latest traffic data from this key real estate portal shows that people’s passion for property remains strong despite the unprecedented market conditions we are currently experiencing. These figures show that a record 12 million Australians visited the website last month, with the average number of views of properties for sale up by 43% compared with the same month last year.

That’s a lot of pent-up interest that is set to be released as soon as the current iso-restrictions are eased, isn’t it?!

We also saw some data from domain.com.au this week that made just as interesting reading. Whilst the increased amount of time that we are all spending at home would be expected to affect the key features that home buyers are searching for in their next home, the degree of change has certainly surprised many market watchers.

For example, between June and July this year, when more of us were working from home under the Stage 3 and 4 lockdown conditions, the searches by Victorians on Domain for homes with a “home office” increased by more than 1100%! In comparison, searches for the same feature in New South Wales only increased by 17%.

Whilst it is uncertain whether this change in priorities will continue quite as strongly once the restrictions are eased, it is certainly food for thought for anyone who is keen to make the most of the overall increase in buyer activity by putting their property on the market as soon as the current conditions are eased.

So if you would like to discuss the viability of creating a genuine home office in your current home, or how to make use of our special Exclusive Preview program to give you a head start on the Spring market, don’t hesitate to give the team at Barry Plant Caroline Springs and Taylors Lakes a call on 9307 4000.

Cheers,

James Hatzimoisis & John Aaron Nakic

Directors – Barry Plant Real Estate

Caroline Springs, Taylors Lakes & St Albans