Sell with Confidence
Read More
News

COVID-19: Melbourne property market will bounce back

By Jessie Stewart

Homebuyers are set to be presented with a smorgasbord of options once coronavirus lockdown rules ease and sellers rush back to the market.

Many sellers withdrew or delayed putting properties on the market once the pandemic was declared and stringent conditions were established.

But vendors are preparing to list again after the National Cabinet announced a road map to easing restrictions.

Uncertainty around Premier Dan Andrews’ plans to ease the restraints will thwart an immediate rush back, but in Sydney, where the State Government has already loosened the reins, more than 100 auctions are planned this weekend.

Historically low interest rates should also drive interest.

Propertyology director Simon Pressley said a strong market before the pandemic and pent-up demand would help the city recover rapidly.

“During past crises the property market has always bounced back before anything else,” he said.

“We’ve got the lowest interest rates in Australians’ lifetimes and people will want to be back in the market as soon as they can be.”

He said a spike in unemployment and closed international borders would stifle the recovery, and warned the longer Victoria took to lift restrictions, the further property prices could fall.

As much as 10 per cent — or $73,000 — could be wiped from prices in the next year, according to Finder research.

Realestate.com.au chief economist Nerida Conisbee said the sooner the economy got moving, the better.

“In NSW we’ve seen open for inspections restrictions loosen and a feeling of normality return, which has seen the decline in listing numbers flatten out a little bit,” she said.

“When the same starts happening in Victoria it will be very positive for the market.”

Affordable suburbs in Melbourne’s outskirts are among those defying the downturn.

Hoddles Creek, Nar Nar Goon, Wandin North and Strathmore Heights were among the city’s top performing suburbs during coronavirus, with large spikes in demand in the past two months on realestate.com.au.

Source: www.realestate.com.au

Up to Date

Latest News

  • The room you should not forget when styling to sell in winter

    If you are selling your property in winter, you need the buyer to bask in the glow of possibility, despite the wet lawn and the dank dove grey of rain clouds above during open for inspections. A warm wash of golden tones and colours seen in nature are in vogue … Read more

    Read Full Post

  • Tips on how to style a kitchen countertop

    Between bulky kitchen appliances, multiple cords and dirty sponges, the kitchen countertop can be a beast of an area to keep clean, much less style with any degree of flair. Yet the kitchen countertop is “prime real estate”, according to interior stylist Carol Sae-Yang, meaning unneccessary and unsightly junk has … Read more

    Read Full Post