Buyers responding as confidence returns

It’s amazing what a difference a few weeks can make to people’s confidence in general, and to the property market in the City of Casey in particular.

Over the past month or so we have experienced a definite increase in buyer activity, with a combination of growing consumer confidence, record low interest rates and a shortage of available property for sale all combining to create an unexpectedly positive environment for many property sellers.

In fact, an analysis of this week’s activity levels shows that buyer enquiries have increase by 83% on the same period last year, whilst personal property inspections are up by a remarkable 93%.

Importantly for anyone considering selling in the south-east, this increase in buyer inquiries is more than double the increase in buyer searches recorded by realestate.com.au over the same period, confirming that market interest is growing strongly in our area.

The good news as we look towards the future is that the Prime Minister’s update on Friday confirmed that Open Houses and Auctions could return to Victoria within a matter of weeks, even though limitations on attendances are likely to apply in the initial stages. This move could trigger an increase in new listings hitting the market, which will be good news for all those frustrated buyers!

There is no doubt that the recent restrictions have had an impact on the overall quality of buyer inquiries, as people in the ‘just looking’ category are far less likely to make an appointment for a personal inspection. This has contributed to several excellent recent results in areas like:

Cranbourne: The convenience of being a short walk from Cranbourne Station and the shopping strip helped produce a quick sale on a four-bedroom hardiplank home off Camms Road, with the SOLD sign going up in the high $400,000’s.

Cranbourne North: A striking 7-year old double-storey home in the popular Arbourlea Estate caught the eye of an upsizing local family, with a very satisfying result being negotiated in the low $800,000’s.

Frankston: Multiple sales in the $400,000’s to $600,000’s range included a vacant homesite near Kingsley Park Primary School; a charming renovated cottage on a subdivided block just off Beach Street; and a modern three-bedroom villa in the Frankston High School Zone.

Frankston North: A charming double-brick three-bedroom home near Long Island Golf Club attracted a mix of first home buyers and investors before seeing the contracts inked at $462,500.

Seaford: A tastefully renovated three-bedroom home within walking distance of the beach found new owners in the mid-$500,000’s.

Last, but certainly not least, we wanted to congratulate the winner of our Mother’s Day competition, Shelly Morrison. As you can see from the photo, our prize winner collected her prize during the week and is looking forward an extra special Sunday. Congratulations Shelly!

Of course, if you need any advice or assistance on any property related matter, don’t hesitate to give us a call at Barry Plant Cranbourne on 5990 9400.

Regards,

Barry Plant Real Estate

Cranbourne & Frankston