Following a phenomenal start to 2020, with sale prices up 5 per cent across all Manningham suburbs, the arrival of COVID-19 in Melbourne saw the real estate landscape shift. In both Stages 3 and 4 of the lockdown periods, the restrictions placed on open for inspections and auctions limited buyer opportunity to participate in the market and of course reduced the volume of properties available.
Despite these limitations, we continued to see strong enquiry and decisive action from qualified buyers. Many buyers are keenly awaiting the re-opening of the market, eager to take advantage of their loan pre-approvals.
For the properties we did take to market during the restricted periods, sale prices remained impressive. In fact, our team achieved two record-breaking prices for townhouses in Doncaster East.
In June, 15A Woodhouse Road sold for $1.55 million - the suburb’s highest ever price for a three bedroom, side-by-side townhouse. This architecturally designed townhouse received 12 written offers and, thanks to buoyant competition, sold 10 days ahead of the campaign closing date.
In August, 1a Colchester Drive achieved a $1.6 million sale despite Stage 4 restrictions. Fortunately we were able to offer one round of one-on-one inspections before the tighter restrictions were imposed. With buyers unable to visit the property again, we brought the campaign closing date forward, inviting best offers immediately. This strategy generated decisive competition and set a new suburb record for a four bedroom, side-by-side townhouse. To facilitate this very different campaign, our team liaised between buyers and the vendor to answer any outstanding questions, including obtaining extra photos.
Both sales demonstrate the value of experienced agents who can deliver responsive campaigns and are willing to invest time in buyer relationships. We have a strong understanding of the active buyers in Manningham right now, which gives us a clear strategy for every property.
For property owners considering selling, our advice is to act now to take advantage of pent-up buyer demand, low stock levels and resilient prices. As we saw in New Zealand after its strict lockdown, we predict there will be an energetic market once restrictions ease. Get in touch now to discuss a strategy for your property, including any cosmetic improvements you could undertake during lockdown.
For buyers, we encourage you to research the market and refine your search criteria. Now more than ever, buyers that act decisively stand to do well.