If you’ve been following our results in recent months, you’ll know that the overall picture remains fairly positive, despite the uncertainties being generated by ever-changing lockdown rules and questions about what the coming weeks may provide.
It goes without saying that we should never underestimate the impact that the coronavirus is having on many Melbourne families, particularly those whose employment has been negatively impacted. However, for many of those who 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 of those looking to purchase for the first time, more than half plan to do so within the next twelve months. That’s 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 sections of the market, despite the uncertainty created by the pandemic.
Statistics like these provide one extra reason for the continuing market activity 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.
If you are thinking of making a move in the current market, and you’d like to talk to someone who knows how to get results in any market, why not give us a call at Barry Plant Caroline Springs and Taylors Lakes this week on 9390 8333?
James Hatzimoisis & John Aaron Nakic
Directors – Barry Plant Real Estate
Taylors Lakes, St Albans & Caroline Springs