Clearly, we should never underestimate the impact that the coronavirus is having on many Melbourne families, particularly those who have been negatively impacted on the employment front. However, for many of those that are still working, the current lockdown is being viewed as more of an opportunity than a threat. In fact, the latest Quarterly Property Sentiment Report from ME Bank found that this sentiment was particularly strong among first home buyers, with 82 percent of market entrants saying that they expect more bargains to hit the market due to the current climate. This expectation was also shared by 66 per cent of investors and 53 per cent of current owner occupiers.
The survey also found that over half of all those looking to purchase for the first time, plan to do so in the next twelve months. This is 9 percentage points higher than the response given by first home buyers just three months earlier, so there certainly seems to be a growing sense of confidence among some buyers, despite the uncertainty created by the pandemic.
Statistics like these confirm the continuing activity in the property market that we have been reporting for quite some time now. Indeed, in case you missed the reports, the Barry Plant group was able to assist more than 7,100 families to move to a new house between March and June this year, despite the challenges of the lockdown and the ever-changing rules on property inspections. These included over 2100 people purchasing a home, the same number selling one, and just short of 2800 people leasing a property.
The fact is that good results are still achievable in the current market, (as we confirmed in LAST WEEK'S UPDATE), but the key to achieving results like these comes down to experience, particularly experience gained in a wide variety of markets over many decades.
So, if you are considering making taking the next step in your property journey, and you’d like an experienced and objective agent by your side throughout that journey, feel free to give us a call this week at Barry Plant Moonee Valley on 9373 0000.
Director – Barry Plant Real Estate
Essendon & Keilor East