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
Matthew Pillios M 0408 145 982 P 9832 1168 E matthewp@marshallwhite.com.au
The resumption of property appraisals, private inspections and
the demand for property on the peninsula to only gather
on-site auctions has allowed buyers and tenants to inspect
momentum.
properties and bid in person rather than virtually. While the pandemic has put immigration on hold, In what is normally the busiest selling season of the year,
we are seeing housing demand driven up by the vast number
we are experiencing an unprecedented level of pent-up
of ex-pat Australians (480,000 according to Core-Logic)
demand. In the first weekend of auctions since restrictions
returning to the country with funds to purchase property on
eased, Marshall White achieved a success rate of 83 per cent
home soil. Australia’s success at managing the pandemic will
for our vendors. In addition, there have been numerous private
also likely attract many more high-worth individuals from
and prior to auction sales since the end of the lockdown. While
badly affected countries seeking to immigrate when permitted.
many vendors have taken the opportunity to list their home
These factors, along with historically low interest rates that are
for sale, there are still not enough properties on the market to
predicted to stay there for a number of years, presents a very
satisfy the depth of demand. In particular, the prestige segment
rosy outlook for Melbourne’s residential property market.
of the market across all of our areas is performing exceptionally well. Within 24 hours in mid-October, we were able to sell two
In a year where nothing is normal, we are likely to see property
separate properties for an excess of $14 million each.
sales continue after Christmas rather than the traditional January hiatus. One thing we have all learnt from the pandemic
Our new office on the Mornington Peninsula is off to a flying
is the importance of being adaptable and flexible.
start with more than 60 properties already listed for sale after barely a month in operation. The pandemic has inspired many
All of us at Marshall White wish you and your families the very
Melbourne residents to opt for a permanent sea change so with
best of health and we remain available to assist in any practical
the warmer weather and summer holidays looming, we expect
way we can.