Updated: Aug 16, 2020
The Bayside Market Wrap - 15/08/2020
⚡Before I get started this week, as I am sure you are aware, for the next few weeks my market wraps will look a little bit different, please feel welcome to share with me your feedback its always warmly welcomed. Obviously, there will be very little activity in the community during this lockdown, however, as always you can find the sales results for the suburb at the bottom of this blog.
Two down, four to go!
So they say time flies when you're having fun, well, I guess this lockdown is proof that it can also fly when things aren't as much fun...
Let's be honest, this lockdown began as an interesting experiment, testing our ability to work from home, to stay disciplined enough to keep up our gym routines and to avoid every night ending with a few drinks and some good takeaway, well at least those were my goals.
While not a lot has changed over the past few months, I must say that I have done a pretty good job of sticking to my goals and it seems like the rest of the community might be getting the hang of this "working from home thing" as well.
Even my discussions with families every day seems to be less about the challenges of working from home and more about creating a space where working from home, really works.
Turning our attention to news articles across the globe it seems there is a good chance that many businesses are likely to re-shape the way they operate and could mean that, for many, working from home becomes a real long-term option.
New York is an interesting example of this, millions of workers travel onto the island of Manhattan every day, sometimes travelling for hours, only to sit at a desk and occupy 4sqm of some of the most expensive real estate on the planet.
Some of these workers have little interaction with anyone else during their workday and could complete their work duties from the comfort of a home office. As for the employers who foot these exorbitant rental bills, they too are finding it difficult to justify.
Experts have long predicted that at some point these conditions would change. The constant improvement of internet communication has made it easy to understand why.
Now, this new way of working isn't likely to suit everyone, chefs, mechanics, real estate agents and hundreds of other professions obviously won't be able to work from home all the time, if at all, but most businesses are likely to see some form of change as a result of this pandemic.
Take the real estate industry for example, 95% of our work takes place outside the office, showing homes, meeting sellers and buyers, even contracts and official documents are signed over the internet these days.
As for customers coming into the office to find out 'what is for sale or if they can speak to an agent about selling,' forget about it, internet research solved that problem a long time ago.
So, where was I going with this!
Right, so with all of that said, the conversations I am having with sellers and buyers at the moment are, more often than not, sounding something like this;
'Mitch, we have realised there is simply no need for our expensive office anymore, we worked from home a lot anyway, we just bought a block in the sticks and we want to move there for good. Our kids have left the nest and we want to potter around in the garden for an hour every evening instead of sitting in traffic on Nepean Highway.
Once this lockdown is over, how can we be first on the market?'
'Mitch, our kids are nearing school age, my partner and I hold secure jobs and have been saving for years to upsize into a new home. The lack of stock over the past 6 months has meant we've held off from buying and being locked down in our small 2-bed unit with the kids has only increased our desire to buy.
Once this lockdown is over, how can we be first in line to view your upcoming listings before everyone else?'
It's hard to say exactly what this market is going to look like post lockdown, however, based on the conversations at present, it seems as if we are likely to see a generous number of transactions happening in the first 4-5 weeks after the restrictions have been lifted.
A heavy load of new listings is expected, with an equally pressurised build-up of buyers ready to move, which will hopefully keep prices robust in the short term.
While many will be quick to act and are preparing as we speak, I believe there will be quite a number of potential sellers bouncing around for the first few weeks post lockdown, waiting to see 'what happens with the market.'
It is incredibly difficult to predict what is ahead for the local market and no amount of experience in the industry will yield any insight into what happens following a global pandemic.
What we do know is, preparation provides the opportunity to make quick, educated decisions if and when needed.
Families who never thought they would be selling will sell this year and buyers who never imagined buying a home in 2020 will purchase.
Those who have prepared a plan for "if we need to" or "if the opportunity presents" will be able to make better decisions when the time is right.
That's all from me this week, have a fantastic Sunday, stay safe and I look forward to seeing you out and about in the community.
Victorian Auction Clearance Rate - 82%*
🌞 I hope this has been a valuable addition to your week, please feel welcome to email me at email@example.com if you have a question about the local market and until next time I look forward to seeing you out and about in the community!
Mitch - 0478896986
Sales for the week in the community