The last two weeks since Melbourne was released from the “ring of steel” has been the busiest two weeks I can remember from a real estate perspective.
It is a combination of elements that are driving this, some are psychological and some are a product of the environment that we find ourselves in as a result of COVID. These include:
1. During lock down people have had time to think about what is important to them and are now making those adjustments. For many, part of this adjustment process is working out where they want to live, either part time or full time.
2. Zoom and the death of the “bums on seats” mentality by employers has allowed a lot of people to change there current circumstances. Those who were renting somewhere and could not afford to buy but can now work from anywhere, with their employers blessing, are hunting for a home in a location they can afford. Even employers who now have remote working teams can also live where they want to and are making the move.
3. No one is travelling overseas anytime soon and therefore are looking for lifestyle opportunities close to home. We are seeing this on the Surfcoast right now and the amount of buyers is significant in size.
4. Money is as cheap as it has ever been and not getting more expensive anytime soon. Lending regulations has also been relaxed and the banks are going for it after Aussie Online Casinos a difficult year to claim and hold market share.
5. People have escalated their plans. Many people plan 2-5 years in advance but with a random event like COVID many of those people have decided not to wait, they want to get on with it now.
6. The fact that Australia appears to have COVID under control has given many people the comfort to move forward now.
7. Government stimulus has assisted many to move forward quickly from the COVID shutdown and also many businesses have benefitted from this period. Think health and essential service professionals. They are taking advantage of that now.
8. With so much buyer depth currently, many property owners have decided to sell now to capitalise on the opportunity. This has significantly increased the activity in the market. As we have been advising our clients, now is the time if you are thinking of selling.