This quarter, our residential market report looks at record sales in the
land market, and shifting buyer profile trends in response to the ‘new normal’
Positive sentiment continues to propel the Victorian economy, and subsequently, the real estate market. After land sales hit an all-time-high in March quarter, and with the conclusion of HomeBuilder, it was not expected they would go any higher. But, in fact, they did.
There is still an insatiable appetite for home ownership, and despite multiple ‘snap’ lockdowns, the property market remains strong, and the resilience of Victorians, as well as the strength of the economy, continues to shine through.
Buyer profiles are changing, with the work-from-home societal shift providing impetus to regional migration, and savvy investors and developers are responding to that demand, ultimately transforming the property landscape.
With over a year to reflect on the consequence of the pandemic, there is no doubt the impacts are far reaching, but the negatives – like the vacuum of international students impacting the inner-city apartment rentals space – are temporary, and as the race to vaccinate intensifies, the narrative will begin to evolve.
Please enjoy this latest edition.