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With the announcement that Melbourne’s 112-day lockdown would be ending, one network director expects the city to see significant real estate activity occurring all the way through summer.
Upside Realty sales director James Kirkland said the loosening of lockdown restrictions will breathe plenty of life into the city’s real estate market.
And with a lot of people expected to stay in the city over the break, and a number of businesses planning to trade right through the Christmas and New Year period in a bid to make up for lost time — and sales — “there is so much demand right now”.
For agents, it means “Christmas is going to be different this year”.
“In a traditional year, we expect to see the market closing down by Christmas and not opening up again until mid-January,” he commented, before indicating that many of Upside Realty’s agents are preparing to work through the usual break period.
He noted that there had already been a flood of properties hitting the market, with the company not expecting to see this clear “in the next eight weeks before the country traditionally shuts down”.
It’s why Mr Kirkland is urging potential vendors to prepare now if they wish to buy or sell over the next six months.
“Due to months of stage 4 restrictions and the freeze on in-person property inspections and auctions, there are a huge number of Victorians wanting to sell — but stuck in property limbo,” he said.
“We are also seeing pent-up demand and a lot of people have just been delaying their decisions, not sure when it’s the best time to make the move.”
He cited CoreLogic data which revealed a 330 per cent increase in new listings in the four weeks to 18 October.
“This is an increase in new listing volumes from 1,606 in the four weeks to September 20th, to 6,974 over the period to October 18th,” the director highlighted.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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