A Step Forward!
- Posted By Johnny El-halabi
And so the financial year comes to an end, and what a financial year it has been.
Our first week back to private inspections is definitely a sign of the times we are in. The return of physical inspections has been a sigh of relief - for all!
First Home Buyers are out in force!! And well done to them.
They are the smart buyers, hijacking the greatest opportunity to enter the real estate market for a first home buyer, probably ever.
The team at The Realest Estate have come to a firm conclusion; There is a defiant pent in demand for property. This past week in Melbourne post lockdowns, most agents will agree that there is a rush and an urgency for buyers to ‘beat the next lockdown’.
With 12 weeks until Christmas, it may remain like this for a while. So what does that mean? Are houses running out the door? Is Melbourne property going to be more popular than the toilet paper fiasco? Well you can see what’s happened in Queensland and our neighbours on the Australian Eastern seaboard post their COVID Restrictions being eased.
And so we hear about the drop in property prices quite often. But quickly, what about a contending perspective? The current shortage of properties for sale, combined with this urgency by buyers to beat the next lockdown could fuel the property prices even further.
And for brand new developments? First home buyers take note! Building materials, labour and ultimately build costs are increasing rapidly. This, in addition to the excessive amounts of government money available - WILL push property prices up! If your budget is $600,000 and you can still afford to buy close to mum and dad, your opportunity may only be available in 2020!
The ever growing and more evident issue that will arise in the coming months, a property supply shortage, which may not disappear immediately as we soon may realise! If you’ve been watching the news you wouldn’t agree. October was meant to be that month - It has been implied that prices were meant to drop.
If you are actually still waiting for house prices to drop 30%, you should really reconsider those prospects! A month late this year - our peak selling season has started a month late. Read that again. Grab the popcorn (I won’t have time), because 2020’s ending will definitely not disappoint! COVID-Spring in Melbourne will be one for the record books!