The good news for anyone with an interest in the local property market is that not only did the year finish on a high note, (certainly exceeding the expectations of most observers), but the outlook for the start of 2021 seems particularly positive as well.
Whilst many of us anticipated an immediate reaction from the market as soon as individual property inspections were permitted back in late September, very few predicted the strength of the rebound that we saw in the final three months of 2020.
One look at some of the market indicators shows just how much pent-up demand had accumulated during the lockdown. Not only did auction clearance rates consistently track around the 80% mark, but the REIV Residential market Index in December hit record highs, showing that our property prices had recorded an increase of over 43% during the four-year period since December 2016!
In fact, the Barry Plant network actually sold more homes in the final months of 2020 than we did during the same period in 2019, so there is no doubt that the Melbourne market has well and truly hit its straps following the lockdown period.
The most important fact for anyone planning on making a move in 2021 is that buyer demand was still being felt right up to the Christmas break, with countless buyers unable to secure their next home before Santa arrived.
A classic example of the current levels of buyer confidence occurred at our last auction of 2020, which we conducted on the last Saturday before Christmas. A three-bedroom home on a corner block on Darebin Drive in Thomastown (pictured) sold for $682,000, more than $30,000 above our ecstatic vendor’s reserve price!
Competitive bidding duels like this one indicate that we will see strong activity as soon as offices begin reopening next week, making it an ideal time to get your property on the market while competition from other sellers is minimal.
With this in mind, our team at Barry Plant Thomastown will be available to assist you immediately, with the doors to the office being open from 9 a.m. on Monday January 4th. So feel free to give us a call on 9466 3233.
Barry Plant Thomastown