What might have surprised many people, however, is just how strong the trend is in the latest statistics, as they confirm just how strongly the market is responding to the growing sense of confidence among the Victorian population.
With the signs increasing that some of the social distancing restrictions are slowly but surely being lifted, and life for many local residents might begin to return to some semblance of normality, (if there’s such a thing as ‘normal’ in 2020), we're continuing to see some really positive signs of buyer activity. So, the latest data from Australia’s largest real estate website, realestate.com.au, makes interesting reading.
Here’s a summary of what this real estate portal has reported:
- Buyer searches are up by 41% on the same week last year and have increased 6% in the past week alone.
- Rent searches are up by 9% on the same week in 2019 and are up by 5% in the past week.
- Online enquiries have increased by 47% since the first week of April.
A closer look at these numbers shows that searches for properties for sale are now at the same levels that were being recorded in the first week of March, prior to the introduction of the current coronavirus restrictions. In fact, the 41% year-on-year increase in searches was the largest increase that realestate.com.au has ever recorded!
With our recent run of strong sales continuing, like the impressive six-bedroom home in the highly regarded Rose Hedge Estate (pictured) which sold for $850,000, it is clear that buyer interest in the property market is rebounding. With the suggestion that Open Houses and Auctions could be allowed in the foreseeable future, (with appropriate attendance limitations in place in the early stages), the outlook seems very positive indeed for those who are keen to make a move in 2020.
Make no mistake, there are definitely opportunities out there right now for buyers and sellers alike, so if you’d like some experienced advice to help you make the most of the current market conditions, you can give us a call at Barry Plant Caroline Springs and Taylors Lakes on 9390 8333.
James Hatzimoisis & John Aaron Nakic
Directors – Barry Plant Real Estate
Taylors Lakes, St Albans & Caroline Springs