market update July 2021

Market Update: July

The past few months have provided a timely reminder of just how resilient the people and the property market of Victoria really are.

Obviously, each lockdown that we have endured over the past year or so has had its challenges, but what has become clear from a property perspective is that Victorians have become increasingly matter of fact about how to transact real estate during each set of restrictions, and how to jump straight back into the market as soon as restrictions are eased.

For those selling their properties, the first few lockdowns tended to produce increased anxiety for some people. Some sellers tended to jump at the first offer that came along in fear of missing out completely. More recently, sellers have become more measured. The announcement of a lockdown is more likely to be viewed as an opportunity to review their campaign to date, to weigh up early offers and to fine tune any further promotion. Online auctions have become far more widely accepted by both buyers and sellers, and whilst patience can be needed at times, a measured approach guided by good advice tends to produce good, and at times outstanding results.

One trend we have noticed is that with so many ups and downs during the year to date, our Advocates have been able to produce some impressive results for clients by selling when the market was at a high, and purchasing during the occasional moments of uncertainty. We have seen numerous clients ‘having their cake and eating it too’, which is just the way we like it.

The key to maximising your result in the midst of this unusual climate is ensuring that you remain responsive to the movements in the market. In an environment where the situation can change from one week to the next, you need to keep your finger on the pulse, or more importantly have someone by your side who can do that for you. That’s where our Advocates are proving so beneficial.

The other factor you need to be aware of is timing your move. We may be in the midst of a Winter market unlike any other, but with lockdown restrictions now easing lockdown and the arrival of the Spring market now on our doorstep, we are likely to see the inevitable rush of new property listings onto the market, with the inevitable increase in competition between sellers. This will then put those people who have already sold their home in a strong position.

As we say at this time every year, those vendors who sell in early Spring tend to enjoy a premium result when compared with those who leave their sale to later in the year. So, if you want to make the most of the market conditions, now is the time to prepare your property to be at its best and to call your Advocate to ensure that you have the right guidance in navigating your way through these unusual times.

Remember, if you have any questions about selling and buying property in 2021, our team are back in the office, so you can call us this week on 9430 0000.