Buyers returning in increasing numbers

As many regular readers will know, we’ve been reporting an increase in buyer activity in these posts for several weeks now. However, it was interesting to see the latest statistics this week on what home buyers are doing, 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 restrictions are slowly but surely being lifted, and life for many Melbourne residents set 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.

To put some of these numbers in context, this means that searches for properties for sale are now at the same levels that were being recorded in the first week of March, which was prior to the current coronavirus restrictions being put into effect. In fact, the 41% increase in year-on-year searches was the largest increase that realestate.com.au has ever recorded.

As you can see from the graph above, buyer interest in the property market is rebounding strongly, and with the suggestion that Open Houses and Auctions could be returning to the market 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 call the team at Barry Plant Thomastown on 9466 3233.

Regards,

Con Constantinou

Barry Plant Thomastown