Following a buoyant start to the year in the inner Melbourne property market, COVID-19 halted the momentum. With limited opportunities to transact, particularly during Stage 3 & 4 restrictions, buyers and vendors have been forced to retreat and wait for the market to re-open with the easing of the inspection bans.
Despite this very different environment, we have continued to receive strong buyer and vendor enquiry, assuring us that an energetic market awaits us when conditions allow. We continue to provide clients with honest advice regarding all aspects of the market and their properties, and are conducting regular virtual property appraisals by appointment.
We are also working with a strong list of qualified buyers. Now more than ever, buyers are reaching out to us consistently. In short, they are screaming out for properties to hit the market and the conclusion of the restricted inspection period.
Even in in the strictest lockdown conditions, the Woodards team continued to act strategically for our clients. This was the case with an apartment at 3/151 The Parade, Ascot Vale, which sold based purely on a 3D walkthrough in August. Low stock levels combined with strong buyer demand gave the vendor the confidence to move forward, despite the ban on open and private inspections. Through decisive action, we were able to get the marketing underway just prior to Stage 4 restrictions. The virtual inspection, together with our strong buyer networks, resulted in multiple offers and the property sold within seven days, beyond the owner’s asking price.
When restrictions do ease, the number of properties hitting the market is likely to increase – and we know buyers will be ready to act. For potential sellers who want to take advantage of low volumes and pent-up buyer demand, now is the time to start the conversation with us.
For buyers, our advice is to be clear on your requirements and price capacity. For those expecting prices to decrease, we see no signs of this occurring in our primary marketplace. Given the limited supply, it is unlikely that buyers will find themselves the sole interested party on any property. When the right home comes up, decisive action will be required.
We look forward to taking a ‘business as usual’ approach as we shift from no inspections to private inspections to small group inspections, as government agencies allow. Please get in touch if we can help you prepare for the re-opening of the market.