This month, key Realestate.com.au Account Manager, Andrew Bucis, shared REA’s insights on the current market in particular buyer demand and the effect COVID-19 has had.
Data has shown that Canberra has boomed since the lockdown was lifted in April and has seen a new record for the median house price. What does the buyer market currently look like?
Since the COVID19 restrictions were eased in the ACT in mid-April, we have seen a massive boom in buyer demand activity in the ACT. Canberra is seen as the safest place to buy due to employment stability and for the easy lifestyle it offers. The capital territory also boasts the largest year-on-year increase (60.0%) in buyer demand in Australia. The overall trend in buyer demand shows houses and units have tracked fairly similar paths, however over recent weeks, there has been some evidence that demand for units is easing while it continues to ramp-up for houses. We’ll be watching this trend closely over the coming weeks.
What are the most in demand suburbs in Canberra?
The ACT property market has proven robust during the COVID-19 pandemic, recording soaring demand from buyers in various areas of the capital. The realestate.com.au spring property report card found Yarralumla was the most sought-after suburb during that period, closely followed by Evatt, Campbell, Charnwood, and Hughes. Ainslie, Florey, Crace, Curtin, and Griffith rounded out the top 10 most in-demand suburbs for the period.
How have you seen agencies adapt to the COVID19 changes and restrictions over the last months?
Agencies not just in Canberra but nationally have adapted to the COVID19 restrictions by initiating online Auctions and inspection booking systems. Whilst restrictions have eased in the ACT, many agents are still using online auction functionality as an additional method to get more register bidders. Online auctions have proved fruitful as many suburb and street price records have been broken over the past few months. We have also seen a 259% in engagement with 3D house tours and 52% increase in inspection video views.