It has been an incredible rollercoaster of a year so far, with twist and turns that nobody saw coming. Despite the sad reality that there have been COVID-19 fatalities, business closures, job losses and stay-at-home orders, there has also been a strong and renewed sense of community spirit and care for each other that possibly was lacking in the past.
As predicted, the Stage 4 restrictions paused market activity just as Victorians had learned to buy and sell real estate safely and effectively in the new COVID-19 environment. As we came out of the first round of tightened restrictions, what we saw on the ground across the Mornington Peninsula was a pent-up demand for property and a shortage of quality listings. This was felt equally across metropolitan Melbourne and depicted in the REA Insights Weekly Demand Index – Buyers’ report below.