It’s been a time of adaption and resilience as the real estate industry has risen to the challenge of operating in a COVID-safe manner. While Victoria’s Stage 4 restrictions have temporarily placed the market in a holding pattern, there’s been one constant throughout the year - strong buyer demand. With a very limited supply of homes in Bentleigh, McKinnon and Ormond, prices have remained robust as buyers have competed to purchase.
We expect the market to kick off at a frenetic pace once property inspections can resume. One home in Hughesdale already has seven buyers wanting to inspect the day after restrictions are lifted. These are genuine, qualified buyers wanting to take advantage of low interest rates and, in some cases, government grants. Demand is particularly strong for homes selling under $1 million.
The traditional spring selling season will shift back towards the end of the year and run right up to Christmas. For the first time in recent history, the property market will be in full swing on Grand Final Day - giving some buyers and sellers a double reason to pop the champagne in front of the television that night.
We’ve had a steady stream of enquiries from buyers wanting to trade up to a larger property, even if they need to move a little further out. This is especially true for apartment dwellers who have found restrictions particularly challenging.
We had strong competition on a brand new townhouse at 12A Wood Street in Bentleigh. With four bedrooms and a study, private sale negotiations pushed the price to $1.55 million. Just prior to the current lockdown, we broke the record price for Moorabbin, with a five bedroom, five bathroom luxury residence at 49 Fletcher Street attracting five bidders and eventually going under the hammer for $1.65 million.
While we have a number of quality properties awaiting the opportunity to come on the market, we’ll need more family homes to satisfy this market segment. The buyers have been terrific during these changed selling conditions. Showing patience with longer inspection times, they’re very particular about the homes that make their short list. The vast majority are pre-approved and keen to secure a property before the end of the year.