The Bayside Market Wrap - 18/07/2020
⚡Considering everything that is happening at present, there has been a good amount of activity happening in the local community since we last spoke. There is no doubt that the lastest Victorian restrictions have knocked some wind out of the sails, while buyer enquiry remains steady, there is an undeniable sense of hesitation from some prospective buyers at the moment.
That's not to say people aren't buying, we have seen some impressive results in bayside this weekend but the spirited 5 bidder auctions are at present, few and far between, which should be no surprise.
An interesting new challenge for the COVID market has been the delays and hurdles for buying families seeking financial pre-approval. These delays have begun to cause a knock-on effect leaving some buyers pipped at the post while awaiting their pre-approval.
There are also a generous number of buyers who have recently sold under a finance clause and are awaiting an unconditional sale on their home so they can head out into the market and purchase with confidence.
Housing loan approvals are up significantly when compared with this time last year and there seems to be little concern from buyers about 'if' they will be able to obtain financial approval, the big question for most buyers is 'when' will we be approved.
The coming weeks will be telling, as we have witnessed a spike in new homes appearing on the market, while buyer sentiment might have dipped slightly, I still have good faith that correctly price, well-presented homes will continue to achieve great results.
Victorian Auction Clearance Rate - 68%*
🌞 I hope this has been a valuable addition to your week, please feel welcome to email me at firstname.lastname@example.org 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