A Message from Jellis Craig CEO, Nick Dowling
As we say goodbye to 2020, I am taking some time to reflect on the year that was and looking forward to new beginnings in 2021.
The property market started 2020 with strength, with rising prices and auction clearance rates averaging close to 80% throughout February and early March. In late March, the pandemic brought our city to almost a standstill in autumn and the winter months. During this time of unknown, we worked hard behind the scenes for vendors that would be listing their properties as soon as lockdowns began to ease.
As Melbourne started to tentatively open its doors in spring, so too did vendors. There was a surge in listings come October as vendor confidence increased. This buoyancy remained into summer, where strong buyer demand continued across the city. Over November and December, it was wonderful to see the energy return to the real estate market, with public opens and inspections returning to normal operation.
Traditionally the real estate industry takes a summer break throughout December and January, but not this year. We have vendors from across the network readying their properties to list in mid-January, and a number of auctions planned for early February. Regional is exceeding expectations, with strong growth year-on-year in coastal and country areas. If this continued activity is anything to go by, 2021 is shaping up to be a positive one for the industry.
The pent-up demand from buyers, record low interest rates, budget changes from the Government, and buyers now placing more importance on their home sanctuaries than ever, we are optimistic that 2021 will be a strong year for the markets that we operate in.
Eliza Owen, Head of Research Australia at CoreLogic, shares this outlook.
“The housing market outlook for 2021 is positive, given highly accommodative monetary and fiscal policy, signs of an economic recovery and homebuilder being extended to March this year. As well as this, the first home loan deposit scheme and some state-based stamp duty discounts will support first home buyer demand further through 2021.”
We are looking forward to working with you and helping you on your property journey throughout the course of this year.