Post-lockdown rush is on again
The announcement this week that Melbourne was once again emerging from lockdown was certainly good news for all of us. That was definitely the case for thousands of anxious homebuyers, as it meant that they could recommence physical property inspections of the limited number of properties that are currently available for sale in our area.
Of course, as you have probably read, there are still a number of restrictions on buyers and renters who wish to undertake property inspections. Full blown Open Houses are still a no-go in Melbourne as buyers are required to register with an agent prior to attending the property, and to abide by limits on numbers visiting the property at any one time.
The good news is that these requirements have clearly not been an issue in the current competitive market, as our team at Barry Plant Frankston has been inundated with calls this week from buyers who are keen to get through the door as soon as possible.
This pent-up demand in our local market is continuing to see vendors enjoying some outstanding sales results. In case you missed it, the latest Domain House Price Report, which was released during the week, showed that whilst the broader Melbourne market has seen median house price increase by around 16 per cent over the past year, house prices in our part of Melbourne have exceeded this. In fact, the Mornington Peninsula lead the way for price growth in both houses and units over the past 12 months, with the median house price increasing by an astonishing 21.8 per cent, whilst units went up by 18.7 per cent.
This growing interest in our part of Melbourne is producing some remarkable results for our vendors. One recent example involved a four-bedroom home on 1.2 hectares of land in Browns Road, Devon Meadows, which achieved an exceptional off-market sale at $1.265 million purely through the resource of our database of qualified buyers!
Results like this may well have got you considering selling while buyer demand is so heavily stacked in your favour. If so, it’s worth keeping in mind that the traditional increase in numbers of properties hitting the market as Spring arrives is probably not far away, so the earlier you get you property on the market, the better off you’re likely to be.
If we can be of assistance in any way, don’t hesitate to give our team at Barry Plant Frankston a call this week on 9781 3100.
Cheers,
Barry Plant Real Estate
Frankston & Cranbourne