Thousands moving on despite lockdown

We saw some interesting data released this week that paints a lightly different picture of the property market in Melbourne’s south-east than many people might have expected.

The latest Property Sentiment Report, which is published quarterly by ME Bank, confirmed an interesting trend that provides some insights into why our real estate market is travelling better than many people expected.

According to the ME Bank report, over 80 percent of first home buyers are viewing the current economic downturn as an opportunity rather than a threat. Their survey found that first home buyers, more than any other demographic, are expecting to see more bargains coming onto the property market. The 82 per cent of market entrants who feel this way compares with 66 per cent of investors and 53 per cent of current owner-occupiers who feel the same way about the opportunities that the lockdown could provide.

The survey also found that over half of all market entrants (51 per cent) are planning to purchase their first property within the next twelve months. This figure is 9 percentage points higher than the response given by market entrants just three months earlier, so clearly people’s expectations of value have been heightened despite the uncertainty created by the coronavirus pandemic.

Market trends like these provide some background for the continuing run of solid results that our team at Barry Plant has been able to achieve throughout the challenges of social distancing. As we mentioned in LAST WEEK'S UPDATE, the Barry Plant group was able to assist more than 7,100 families to move home between March and June this year, despite all the uncertainty and constantly changing rules we experienced in the property market.

Results like these are only possible when you can call on decades of experience in all kinds of market conditions in order to provide people with objective and accurate advice. So, if you are considering making a move in the next few months, don’t hesitate to call on our experienced team at Barry Plant Cranbourne on 5990 9400.

Best wishes,

Barry Plant Real Estate

Cranbourne & Frankston