It has been interesting to experience what has been an incredibly busy summer period dealing with a multitude of buyers on any new property listing with the management of competitive negotiation commonplace.
This has been great for our vendors as prices are pushed above expectations on each sale. Pent up buyer demand from Melbourne since the second COVID lock-down concluded has been the driving force for current market conditions.
These highly motivated buyers all have one common question and that is ‘why is there so little stock available at the moment?’ Web portal realestate.com.au currently has just four homes advertised for sale in Anglesea (which are not ‘under offer’) and this is at a time when in the last few years would normally see around 30 available property listings for interested parties to view.
After researching recent sales data, I would surmise the reason we have such a reduced number of available listings in Anglesea is twofold.
The first being un-seasonality, as 2020 produced one of the busiest winter periods ever experienced.
The combined months of June, July and August saw Anglesea’s sales volumes increased by 70 per cent on the same period in 2019.
August 2020 recorded the highest number of house transactions for the year with 15 sales.
To put this into perspective, there were 11 house sales in January 2020 and just nine this January which is usually one of the busiest months for the year historically.
Anglesea house sales volumes from June 1 to end of 2020 were approximately 30 per cent up on 2019.
Secondly, as we entered the spring selling period, we also experienced a much lower rate of new listings coming to market due to COVID and associated international travel restrictions.
The effect of which was a heightened use of beach homes (many which had been utilised as permanent places of residence during lockdown) by property owners who under normal circumstances may have decided it was time to sell due to a lack of use of that asset.
2020 has been a year that beach houses in Anglesea have been enjoyed more than ever and will be for the foreseeable future as overseas travel is not an option for some time.
The lack of available listings and higher buyer demand has resulted in very short sales campaigns of 5-10 days advertised to the market in most instances.
I predict that the amount of homes for sale will remain low for the remainder of summer and into autumn as buyers continue to snap up any new listing in record time and for record prices.
If you are thinking of selling, then now is the time to contact Great Ocean Road Real Estate.
- WITH BEN JACKSON, GREAT OCEAN ROAD REAL ESTATE ANGLESEA