Jellis Craig Bayside Glen Eira February Market Update
Although the recent lockdown has brought on a new challenge, Melburnians have shown once again their resilience and extraordinary ability to adapt and so has the real estate industry.
Since late 2020, we have been witnessing more certainty and confidence from buyers and sellers. The very strong selling conditions that we saw in the November and December market are still present. According to Domain, 39 Melbourne suburbs recorded a double-digit rise in median prices over the past year. Brighton (median house price +18.2%), Hampton (median unit price +15.7%) and Elsternwick (median house price +17.8%) are amongst the areas that have grown the most.
With searches in the buy section of realestate.com.au rising 47% YoY*, changes on the Stamp Duty and lack of stock, we can definitely assess that the buyer interest and competition is extremely strong, as many of our open for inspections and auctions have shown.
The strong buyer interest is spread across all types of property and price points and while this month we are seeing higher stock levels, the volume of properties is still largely insufficient to satisfy the buyer demand.
We know that potential sellers are observing the market closely. Be mindful that the sale results themselves aren’t the total picture of the real estate market and a direct conversation with your agent will be the best way for you to be fully informed.
If you are considering making your next property move, now is the best time to discuss your options with us. Contact us on 9194 1200.
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*Vic - Feb 2021.