Market Update February

Market Update: February 2021

We are now far enough into the new year to be able to make an informed judgement on the state of the Victorian property market, and I am happy to report that buyer activity has picked up exactly where it left off at the end of 2020.

In fact, the market experienced a busy finish to December, with a large number of deals being concluded in the shadows of many people’s Christmas and New Year celebrations. A wide range of properties were selling within weeks of hitting the market, and this trend has continued through January and into February.

The current market is one driven by two extremes. On one hand we have a severe shortage of properties for sale, making life difficult for many home buyers. On the other side of the equation, there are a huge number of highly motivated buyers who put their property plans on hold during the lockdown and are now keen to push ahead. This impact is being magnified by a range of Government incentives, from the assistance packages targeted at first home buyers and the HomeBuilder grant for those building new, to the stamp duty discounts which apply to all purchases under $1 million.

Competition between first time buyers is particularly fierce right now and this is being exacerbated by the return to the market of some property investors who are often competing for the same properties.

With all this taking place at the one time, you won’t be surprised to know that it’s a great time to be selling. The market is clearly moving, and we expect prices to continue rising in the face of this unmet demand. If you are a buyer, the market can certainly be challenging, however, there are still some good opportunities out there if you know where and how to secure them.

If, like most people, you are going to be buying and selling in the same market, I recommend you speak with our experienced team in order to plan your approach to ensure your timing is going to maximise your result. We have been finding that when a carefully researched plan for both your sale and purchase is executed, our clients are achieving results that are as much as 10% better than they hoped…in some cases even more.

So if you are considering making your next move on your property journey, whether buying, selling or both, make sure you talk to one of our team first so that you can enjoy the peace-of-mind that comes with knowing you are on top of every aspect of the current market.

Best wishes,

Ben Reid