Property market update from Crest Property Investments:
Despite the unprecedented market conditions in the wake of covid-19, there is still ongoing evidence suggesting the love for property remains strong. How is the property market adapting to lockdown 2.0?
REA Chief Economist, Nerida Conisbee demonstrated some key trends for Melbourne’s property market. Here is what was said.
1. Buyers still active as seller activity trends upwards
The number of home buyer searches on realestate.com.au has continued to surge and is now up 72.5% from the lows experienced at the end of April.
2. Distressed sales remain low
There are currently limited signs of distressed sales on realestate.com.au, with only 5 mortgagee listings in June out of more than 160,000 listings.
3. First-home buyers remain active
Inquiry levels remained strong for first-home buyers in June, more than doubling in most capital cities.
4. House prices are not collapsing
Given we are currently in the midst of a recession and unemployment is rising, house prices have remained steady.
Interest and appetite for new and off the plan property peaked in June, driven by the HomeBuilder scheme and high levels of first-home buyer activity. Resulting in outstanding levels of inquiry to new property listings.
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While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
July 2020
