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Latest statistics confirm buyer rush

The recent stream of positive news for the property market seems to have taken a few people by surprise, but if you’ve been following our posts in recent months you probably expected it.

If you missed the Herald-Sun on Saturday, there was a report which showed that realestate.com.au recorded their biggest weekly increase in “high intent buyer activity” on their website since the early part of 2019. In fact, activity levels were up by 24.5% during the first week that the restrictions on property inspections were eased, confirming just how much pent-up demand there is in the market right now.

These numbers coincide with some internal tracking that our own Barry Plant network has recorded. Following the easing of restrictions on September 28th in metropolitan Melbourne, our group sold or settled more than 250 properties in the space of a week as numerous frustrated buyers rushed to complete their purchases. At a local level, our team successfully sold 7 properties in Greenvale alone this week!

The other piece of positive news for the property market this week came from the Federal Budget. The Treasurer announced that the First Home Loan Deposit scheme would be extended to assist an additional 10,000 first home buyers in this current financial year. This extension is designed to assist those buyers building a new home or purchasing off the plan. As we pointed out in A POST IN JULY, this has been a particularly strong segment of the market in our area this year.

The Treasurer also announced that the property price limit associated with these additional assistance packages would be lifted to $850,000 in the Melbourne metropolitan area, which will also open more doors for local home buyers who were finding it challenging to secure the right property under the previous limit of $750,000.

With all this positive news lately, conditions are certainly favourable for anyone considering selling in the City of Hume right now. There are lots of motivated buyers keen to make a move, and there is still a severe shortage of property for them to choose from. The only catch is that there are probably only 8 or 9 weekends left in the year before people’s attention may turn to Christmas shopping and family gatherings, (assuming of course that we’re allowed to do either of these activities!)

If you are ready to make a move, and you don’t want to be sitting at home in January thinking “if only”, the time for action has arrived. If you don’t want to miss the boat, give our team at Barry Plant Gladstone Park a call this week on 9330 1088, or you can reach me directly on 0418 889 678.

We’d love to make a difference to your result.

Best wishes,

Nick Pugliese – Director

Barry Plant Real Estate

Gladstone Park