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Local market leads the nation

Regular readers will know that we have been reporting a large increase in buyer activity in the bayside property market ever since we saw the restrictions imposed by the lockdown being eased in the last quarter of 2020.

However, it’s been interesting to see these first-hand impressions being backed up by hard data recently. For example, the most recent market tracking figures from Australia’s largest real estate portal, realestate.com.au, shows that whilst weekly buyer search numbers will vary from week to week, buyer demand levels nationally are currently 72.8 percent higher than they were this time last year, with increases recorded in every state and territory except for the A.C.T., (and let’s face it, they’ve always done things a little differently in Canberra).

What’s even more interesting is that when you break down the most recent data on buyer searches, you find that six out of the Top 10 most searched suburbs in the country are all within our part of Melbourne. How’s that for positive news for local property owners!

The analysts at REA tell us that in the year to February 2021, their tracking of ‘highly engaged buyers’, (i.e. buyers with search activity that indicates that they are likely to purchase in the very near future), showed that Frankston, Mount Martha, Mount Eliza, Mornington and Rye were all among the most popular buyer searches in Australia. When you add in Berwick, which was the second most popular suburb of all, it’s clear that the Mornington Peninsula and south-eastern suburbs are a great place to own real estate…particularly if you’re planning on selling in the foreseeable future.

So if you are using some of your down time this Easter to reset your plans for the year ahead, (and with the property market performing as strongly as it is right now, why wouldn’t you), then we would strongly recommend that one of the first things you need to do is get an updated appraisal done so that you can be sure you are working with up-to-date figures. You might be surprised just how much more your property is worth right now.

If we can be of assistance, you can reach the team at Barry Plant Frankston on 9781 3100.

Regards,

Barry Plant Real Estate

Frankston & Cranbourne