Whilst the current lockdown may have encouraged some home owners to put their real estate plans on hold, the ME Bank report found that over 80 percent of first home buyers are viewing the economic downturn as an opportunity. This is because they are expecting to see more bargains becoming available in the property market. This survey also found that 66 per cent of investors and 53 per cent of current owner-occupiers felt the same way about the opportunities that the lockdown could provide.
This expectation of opportunity has meant that just over half of all first home buyers are planning to enter the market within the next twelve months. This figure is 9 percentage points higher than the response given by market entrants just three months earlier, so clearly this perception of value has been heightened despite the uncertainty created by Covid-19.
Activity in the first home buyer price bracket has certainly been evident in our part of the northern suburbs recently, with our most recent sale in Lalor providing an excellent example.
A modern, low-maintenance home in Pontoon Street, tucked in between Moffat Park and Flanagan Park in one of the newer estates in Lalor, generated plenty of interest from a mix of market entrants, young families and investors. With three bedrooms and two bathrooms, a private outdoor entertaining zone off the main living zone, a well-laid out kitchen and a double garage off the rear laneway, this well maintained home was within walking distance of two Primary Schools, adding to the appeal for young families. A very pleasing mid-week sale confirmed the underlying strength of this end of the market.
The important thing to remember in this current market is that experienced advice from people who have dealt with all types of challenges and market trends over the years can make a huge difference to your result, whether you are buying, selling or both. So, if you’d like some assistance, don’t hesitate to give the team at Barry Plant Thomastown a call this week on 9466 3233.
Barry Plant Thomastown