By Anthony Webb
Fresh out of Melbourne’s snap five-day lockdown, there is a real sense of urgency from buyers in the market. House hunters have many incentives to purchase a property – low interest rates and significant stamp duty discounts, all at a time when stock has never been so scarce, and this is generating some truly fantastic results.
Sellers are continuing to hold back with so much uncertainty around COVID. What we are seeing is more families wanting to buy before putting their own homes up for sale. This cautious approach to sell is producing a complete lack of stock on the market, a trend that has been building for a while. This, coupled with the fact that people who intended to put their homes on the market and were delayed due to the most recent COVID lockdown, is creating a big rush for properties to be launched and auctioned before the upcoming Easter break.
While we don’t know what will happen as the year progresses, what we do know right now is that the market is very strong and we’re seeing this trend across every demographic. At last weekend’s auctions, this was especially true for homes that suited downsizers – a lack of smaller, single-level properties is creating fierce competition in this space.