Most Victorians would be well aware of the strong buyer demand that has been impacting the property market, despite the restrictions of multiple lockdowns across our state in general, and the Melbourne metropolitan area in particular.
What might surprise many readers is the fact that the determination of homebuyers to purchase real estate has actually increased the number of properties being sold rather than being decreased due to the pandemic.
The latest monthly data from Corelogic showed that in the year to the end of August 2021, the number of homes sold in Victoria hit just under 130,000 sales. Not only was this a year-on-year increase of 34 percent on the 12 months to August 2020; but was more than 20 percent above Victoria’s 20 year average of 107,792 sales.
A similar increase in home sales has been recorded right around Australia, with a year-on year increase of more than 42 percent nationally. Corelogic’s figures show that every state and territory recorded an increase over the past year.
It is worth noting that this increased activity was achieved in a year where overseas migration has been virtually non-existent, so this demand has been driven entirely from domestic sources.
Given the ongoing shortage of available properties for sale around Melbourne, one thing is clear. Property sales are happening in larger numbers, but you have to be quick to secure one when you find one that suits your requirements.
Of course, one way to ensure that you are on the front foot as soon as the right property hits the market, (or perhaps even before it officially hits the market), is to have an experienced Buyer Advocate acting on your behalf. So if you’d like to end up on the right side of these statistics, you can call the team at Ian Reid today on 9430 0000.
You can also gain real insights that could assist you when selling your current property by reading our booklet, “Fatal Real Estate Traps Exposed”. It’s available for free on our website, so be sure to get a copy while you’re here.
09/24/2024 
