Market Update Report B AY S I D E - N O V E M B E R / D E C E M B E R , 2 0 2 0
S O L D - 2 K I N A N E S T R E E T, B R I G H T O N
In the short period of time that the real estate industry has been re-opened after Stage 4 lockdown, it has been heartening to see the rapid increase in activity across all segments of the market.
Our new office on the Mornington Peninsula is off to a flying
The resumption of property appraisals, private inspections and
of ex-pat Australians (480,000 according to Core-Logic)
on-site auctions has allowed buyers and tenants to inspect
returning to the country with funds to purchase property on
properties and bid in person rather than virtually.
start with more than 60 properties already listed for sale after barely a month in operation. The pandemic has inspired many Melbourne residents to opt for a permanent sea change so with the warmer weather and summer holidays looming, we expect the demand for property on the peninsula to only gather momentum. While the pandemic has put immigration on hold, we are seeing housing demand driven up by the vast number
home soil. Australia’s success at managing the pandemic will also likely attract many more high-worth individuals from
In what is normally the busiest selling season of the year, we are experiencing an unprecedented level of pent-up demand. In the first weekend of auctions since restrictions eased, Marshall White achieved a success rate of 83 per cent for our vendors. In addition, there have been numerous private and prior to auction sales since the end of the lockdown. While
badly affected countries seeking to immigrate when permitted. These factors, along with historically low interest rates that are predicted to stay there for a number of years, presents a very rosy outlook for Melbourne’s residential property market. In a year where nothing is normal, we are likely to see property sales continue after Christmas rather than the traditional
many vendors have taken the opportunity to list their home
January hiatus. One thing we have all learnt from the pandemic
for sale, there are still not enough properties on the market to
is the importance of being adaptable and flexible.
satisfy the depth of demand. In particular, the prestige segment of the market across all of our areas is performing exceptionally
All of us at Marshall White wish you and your families the very
well. Within 24 hours in mid-October, we were able to sell two
best of health and we remain available to assist in any practical
separate properties for an excess of $14 million each.
way we can.