Having clocked up over 200 days of lockdown since the COVID-19 pandemic hit Australia, Melbourne is no newcomer to this new way of life, but there is anticipation across the real estate industry that this is about to change.
Is the Melbourne real estate market about to surge?
What’s making us hopeful that we will see a refreshed real estate market? There are a few factors at play.
1-1 inspections are back!
Across all properties (even if they are occupied!) 1-1 inspections are set to open up come September 23rd if vaccine targets are met. While virtual walk-throughs are happening (as well as some speedy blind-buys for those desperate to purchase), bringing back in-person visits with a potential buyer and agent present means that the offers are sure to keep rolling in.
General demand is higher than ever
For someone who is looking to get their finances in order and save, Melbourne’s long lockdowns have been the perfect opportunity to get their ducks in a row and get ready to buy. And what happens when you’re suddenly spending more time at home than ever? You realise what’s right, but more importantly wrong, about your current house or apartment - coupled with plenty of time to scroll realestate.com.au. Melbournians are ready to buy, and they won’t waste any time once restrictions are lifted further. When 2020’s 15-week lockdown last year came to an end in October, buyers in Victoria jumped at the chance to buy, so it’s likely we will see the same effect this time around.
Listings have increased by a whopping 292%
This speaks volumes about the general disposition of the market. Late last year, the average home price increased by 4.2% for the December quarter, telling the tale of so many who were ready to get back on track post-COVID. In line with the 2020 post-lockdown buying rush, the demand for finance (as well as higher volumes being borrowed), doesn’t appear to be slowing down any time soon.
What about Regional Victoria?
Looking to regional Victoria, the market is also going from strength to strength, with the volume of buyers and sellers surging, facilitated by auctions and private inspections being greenlit by the Victorian government. It’s certainly a good time to be an agent in regional Victoria, with houses being online for less than an hour before receiving multiple offers from hungry buyers - even in lockdown, agents and auctioneers are selling, so the scene is set for a white-hot market across Melbourne when the state finally returns to a more normal way of life.
Early morning in the Yarra Valley, Regional Victoria
Give me land and blue skies
And of course, while CBD Melbourne felt some of the harshest restrictions, regional Victoria could be a much safer bet for many couples and families with the significant chance of future lockdowns, and outer Victoria often has fewer restrictions and quicker rates of opening back up sooner, coupled with a state of people that has fully come to terms with working from home - there’s no better time to purchase that property under the open sky!
While it’s clear that lockdowns didn’t put a dampener on buyers entirely, come high national vaccination rates and interstate movement, we’re certain that Melbourne is about to surge with even more listings, buyers and auctions than ever before.
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