What we need to keep in mind is that these sales results are a further indication of the strong levels of buyer confidence across the market. Without that strong demand, it’s unlikely that we would see as many SOLD signs going up when buyers are unable to go inside the property to inspect it.

As we have mentioned before, it is this imbalance between the overwhelming number of buyers who are keen to purchase and the very limited supply of properties for sale that continues to push prices higher. So it was interesting to see that the Banks have been raising their forecasts for property prices in response to this demand, with the ANZ being the latest to raise their forecasts this week.

Despite several states and territories being affected by lockdowns right now, the ANZ advised that they have raised their house price forecasts for most of Australia’s capital cities. They are now tipping that Melbourne’s house prices will rise by an average of 20 per cent this year. In fact, Canberra, Sydney, Brisbane and Hobart have all been tipped to see rises of between 20 and 24 per cent in 2021.

The Senior Economist at ANZ, Felicity Emmett, made some interesting comments. She was quoted this week as saying, “We’ve updated our forecasts because of how strong prices have been; that includes through the lockdown period. We did think by this time of the year that the momentum in prices would have pulled back.”

She also added, “In Melbourne, where the clearance rate had been harder hit by lockdown restrictions, which include a complete ban on property inspections, prices are still holding up well.”

She said she expected prices would continue to fare better than they had during the city’s extended lockdown last year, when there was greater uncertainty around the impact of the pandemic.

I would expect that forecasts like this will give property owners in the City of Whittlesea even more reason to consider making their next move in the property market during the coming Spring selling season. With this in mind, the next week or two could be an ideal time to discuss your plans with an experienced local agent and to set some plans in place to ensure you don’t miss the boat when lockdown restrictions are eased.

Feel free to give the team a call at Barry Plant Thomastown this week on 9466 3233, or you can call me personally on 0418 331 741.

Best wishes,

Con Constantinou

Barry Plant Thomastown