By Philip Webb
With Melbourne locked down these past five days, it has been easy to catastrophise considering the events of 2020. However, with the lockdown due to end tonight, the property market is looking stronger than ever, and may even receive a boost of activity following this period.
On Friday, there was a large rush due to the uncertainty of the impending lockdown – and we have found that this rush is quite indicative of general buyer behaviour lately. House hunters are looking to secure properties as soon as they can, which has given the market a considerable boost. This mini-lockdown could very well do the same thing, and see a swell of demand from buyers who are eager to get into a home as soon as possible.
For PhilipWebb, it has been encouraging to see many new listings coming through over the past few weeks, and we have observed strong sales numbers and consistent momentum as buyers look to sell before Easter.
The market has incredible depth, and is also changing in character – where we were seeing strong performance in the sub-$1million category just a few weeks ago, we are now seeing properties sell around the $1-2million mark. I predict that as the year goes on, these higher-priced properties will continue to engage the market as confidence returns.
But, even if worse comes to worst and we are locked down for an extended period of time in the future, PhilipWebb Real Estate can rest easy knowing that our online auction capabilities are stronger than ever. If 2020 has taught us anything, it’s that our digital platforms are a crucial part of the business – so much so that we continue to utilise this technology in tandem with the physical side of the business daily!