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Businesses in Southbank

06 Oct 2020

Businesses in Southbank Image

Sell now or wait? COVID-19 – supply and demand imbalance

By Michael Pastrikos – Ray White

The current state of emergency has had a significant impact on our daily lives. For many of our clients, it has created uncertainty with their plans to buy and or sell property.

Although physical inspections were no longer possible during stage four restrictions, the buyer enquiry and interest did not waver. Enquiries remained strong with many buyers registering their interest on properties early to be notified as soon as inspections were possible again.

Many of the properties sold during this period were to buyers who had inspected the property before restrictions began.

One of these sales was an online auction which had five registered bidders where the property sold at auction for $21,000 above the reserve.

Throughout winter, we were already experiencing a severe shortage in supply, causing pent-up interest from buyers. With restrictions easing, we are anticipating a surge in the number of properties hitting the market from vendors who were planning to sell in the last 90 days but were thwarted by lockdown restrictions.

These properties will be on top of those that would usually hit the market in spring.

If you were thinking of selling in the next six months, there is an opportunity to gain greater focus on your property if you go to market now as supply levels are still low.

Buyer confidence is rising, and the shortage of property is feeding the demand further. Since restrictions eased last month, each of our sales team members have conducted 30 to 40 private appointments which is 20 per cent higher than pre-stage four activity levels.

Throughout this period, we have enhanced our technology platform and worked harder than ever to adapt to restrictions ensuring vendors capitalise on the low supply market.

We are now conducting one on one private inspections, following all guidelines and procedures, to ensure the safety of our clients (both sellers and buyers).

Exceptional Stage 4 lockdown results:

  • 1011/28 Bank St, South Melbourne – sold for $856,000 – online auction with five bidders achieving $21,000 over reserve price;
  • 1102/1 Roy St, Melbourne – sold for $2,300,000 private sale – old sight unseen through virtual inspections. A record price for a three-bedroom apartment in the building;
  • 1/55 Kavanagh St, Southbank – sold for $710,000 before auction;
  • 2707/250 City Rd, Southbank – sold for $430,000 through virtual inspection, around 5 per cent higher than an identical apartment in the same building; and
  • B702/8 Grosvenor St, Abbotsford – sold for $608,000 off-market, $40,000 higher than the last result of a similar layout in the same building.

With pent-up demand, a delayed start to the spring market and healthy buyer activity, we should see a strong fourth quarter and finish to 2020.

To discuss selling your property or for a complimentary market appraisal get in touch with us today •

For more information: 03 8102 0200 or email southbank.vic@raywhite.com

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