OCTOBER PROPERTY REPORT
Well, if you had of predicted how the property market would react during a global pandemic, most wouldn’t have believed you. 18 months on, the industry is performing better than ever. Property volume is set to rise with the busiest period of the year approaching, Spring.
We are still experiencing an enormous volume of buyers with cash to splash. The relocation trend governed by Covid-19 remains in full swing, and we are very much looking forward to satisfying all of your property needs over this upcoming active time. New price points are being reached time and time again and it is expected to continue to rise with supply and demand driving the market onwards and upwards. This upward trend has seen a near 20% growth across the board since the pandemic began. The markets high demand is reflected through recent Realestate.com.au data with an average of 2654 visits per property within the Kinglake Ranges and surrounding suburbs and a significantly lower 1684 visits per property in Melbourne. Regional Victoria has experienced yet another successful quarter with a 10.5% price increase with an average of 29 days on market across the board.
Our team have been eagerly working over the lockdown period to ensure our loyal buyers and vendors will have a successful and competitive campaign during Spring. With the recent and well-deserved re-opening of regional Victoria, our Kinglake office is open and as excited as ever to service the Kinglake Ranges. As for our Healesville and Yarra Glen offices, we are still working remotely and preparing for the easing of restrictions very soon.
The latest buzzword of the property industry is ‘rightsizing’. Rightsizing is the new upsizing lifestyle trend towards the peaceful and slower pace of rural life. Living in such a beautiful part of the country, and with the global pandemic encouraging citizens to move out of inner-city suburbs, client’s often come to us looking to ‘upsize’ to something bigger and better. But perhaps going from small to big is the wrong way to look at it. Moving into a larger property may not always be the right decision. Larger properties often come with larger responsibilities. More lawns to mow, a bigger house to clean, more space to maintain.
More lawns to mow, a bigger house to clean, more space to maintain. Broader acreage will always have it’s niche, but a family of 4 moving from a townhouse to 10 acres with 6 bedrooms and 3 sheds, may not be the most suitable move long term. Likewise, a lot of our regional Vendors are considering whether moving interstate is the best option for them and their families. Be honest with yourself about your property concerns, wants, and needs. Ask yourself if you will ever truly use that second living room, those 2 front paddocks, or prefer more humid weather. The location of a home and the cost to upkeep it can sometimes outweigh the surplus space once desired. At the end of the day, rightsizing is about finding the right property that better suits your needs as well as making a smart financial decision.
We hope our local community is staying positive in what has been a rollercoaster of a year so far and hope with the warmer weather, your spirits are high. Remember, rightsizing is about finding your ideal quality of life for you and your family. Take it easy everyone and look after one another, we are all in this together.
William Verhagen Integrity Real Estate