The Spring season has historically been a high volume selling period for Inner Melbourne. However, this year due to Covid-19, the spring market only opened on October 19th. And now we see a significant shortage of stock as vendors were unable to hire tradespeople from doing any listing preparation work and real estate agencies were closed.
Our opinion is what might have listed this Spring, will now move to February/March 2021 as:
- Stock levels may improve as vendors will gain some confidence from sales made this quarter.
- There will be time to prepare stock for February 2021 unlike Spring this year
- Interest rates have continued to fall
- All indications are the economy will continue its recovery as we learn to manage with Covid-19
Families will be looking too. After an extensive lockdown period, families have been spending more time together than ever before. The functionality and floorplan layout may have come under pressure during close living conditions.
As a result, families about to enter the market might be searching for:
- More space
- Improved functionality
- Renovated interiors or renovation projects
- Proximity to schools, shops, medical and public transport
- Parklands and exercise areas
All of these factors indicate This year’s Spring may start in February 2021. Call us at ela Property Advocates to discuss your options for buying or selling in 2021. Guy Angwin: guyjohn@iinet.net.au, 0412 022 998 or Geoff Briscoe: geoffbriscoe@tpg.com.au, 0419 740 351.
