The short lockdowns earlier in the year had no significant impact in the real estate market in any sense. But Lockdown 6 is different.
The current lockdown is lasting much longer than the previous ones. It has significantly affected existing campaigns, paused/delayed proposed ones. According to our Melbourne E-Team real estate member McRae Property, the most significant impact is without doubt to cause a significant percentage of prospective purchases to decide not to sell in Spring 2021 because of the risk of Melbourne going into lockdown 7.
Agents all over Melbourne shares the same sentiment. The only question now is the quantum of the effect on the stock supply. McRae Property’s guestimate is circa 30% less than would otherwise have been the case.
Stock that does come to market, with high quality stocks have higher potential, will be keenly sought after and prices are expected to continue firming. Continuing the trend that began in the Spring of 2020 when Melbourne came out of the long lockdown of that year.
Buyers are still actively looking into the market and business is expected to continue as usual.