November Property Report
Regional Victoria received huge promotion, and as a result, there was increased demand across the sector. Government grants and incentives, building grants and deposit schemes added further support. It certainly was the year of the first home buyers. On top of that, now with relaxed restrictions, Melbourne residents have discovered Kinglake, with increased activity over the last couple of months which will only continue to grow over Christmas.
Covid-19 through 2020 changed lifestyles on a personal level. A lot of people have reassessed what their lives are about, where they live, the time that they spend with family, and how they work. If people can work part time from home they will, and businesses need to adapt to that. People have experienced what it’s like to spend 24/7 in their house and that has shifted their mentality towards their home life, some loving it, others not so. Where we live is a big part of our DNA, who we are, and what we like to do. The coffee and laneway culture of Melbourne came to a grinding halt and without it, the public had to renegotiate how they spent their time. Some of us may have used that time to get fit, others perhaps built that decking they always wanted, and quite a few have looked for a lifestyle change.
The remainder of 2020 will see continued interest locally, from first home buyers to lifestyle movers looking to escape, and with limited availability for houses and land for sale, there will be continued interest and competition across the board. Real Estate Agents have also adapted through this time, moving forward and embracing change in how properties are advertised. Compared with last year’s volume of properties sold, there has actually been an increase in sales. This is due in part to the number of private transactions that have occurred throughout the year.
Some good news from the increase in activity this year is that despite rumblings of a market downturn in 2021 there has been steady growth throughout the year. Therefore, prices should remain steady. There will always be peaks and troughs in the marketplace and just like 2018-2019, next year should be a similar cycle. We are excited for change in our community and looking forward to seeing good things happen in the coming years. We would like to personally thank everyone who has supported us through this challenging year and would like to wish you all a safe and happy Christmas.