Market Insights - November 2020

insights november

What a huge difference a month has made. We are thrilled and want to congratulate all Victorians—after more than three months of hard lockdown, we have overcome the second wave of Coronavirus and are successfully navigating towards a ‘Covid Normal’. You can feel and see the change in atmosphere. There is a confidence that exudes amongst us as we capitalise on the newly allowed freedoms and some delightful spring weather.

It has been a big month for real estate with more lockdown restrictions being lifted across the state to see the return of public auctions and increased numbers at private inspections. Despite there remaining attendee limits on both auctions and inspections, the after-effects of the eased restrictions have resulted in a tidal wave of momentum. Pent-up demand has brought buyers and sellers out in force with CoreLogic reporting new listings soaring across Melbourne, increasing 330% in the four weeks ending 18th October.

Across the Buxton network, sales increased by 110% and new listing activity jumped by 81%. Our digital audience remains strong with a significant increase in numbers equating to over 300K page views on our website. Our social reach is now over half a million.

Due to demand, many auctions have both an onsite and online audience to maximise bidder attendance ensuring the best result for the vendor. The final weekend of October saw Buxton’s auction clearance rate hit 94%, a remarkable achievement following such a long period of uncertainty.

Heading towards December, we are expecting another rush of activity for those buyers and sellers wanting to finalise transactions before Christmas. It is typically the busiest time of year and this year is likely to be magnified given people have had time to reflect on what they want their new home environment to look like given recent experiences. Never has there been a time that highlights the importance of home and moving forward, we are likely to have permanent changes to how we work. Homes will be designed differently and anything that boasts indoor and outdoor space is going to be in high demand.

If you’re thinking of making your next move and would like to chat about how we can help guide you through the current market, please don’t hesitate to contact us at any time.