BUYERS CONTINUE TO
UNDERWRITE MARKET RESILIENCE
SUMMARY
• Melbourne market defies predictions to book a bumper week
• Buyers activity strengthens
There has been much change in the real estate industry
since the onset of restrictions in late March. We have
seen changes in the way the industry has operated
to provide a safe place for our customers to engage,
predominantly by the use of new technology. And
despite strongly recovering in recent months, vendors
proved reluctant to enter the market in April and May due
to concerns over buyer depth. But there has been one
constant the past four months and that is robust buyer
activity.
Loan pre-approvals numbers are important evidence
of buyers getting ready to be able to transact. Buyers
approach banks before or during their property search
journey and obtain an in principle loan approval to enable
them to bid and negotiate confidently to secure their
chosen property. Loan Market’s pre-approval numbers
have been astonishing since late March - last week again
saw an increase of more than 10 per cent compared to
last year! Record numbers of people taking advantage of
extremely low interest rates.
We continue to monitor buyer activity very closely
through four primary sources: loan pre-approvals at
Loan Market, online buyer enquiry on raywhite.com
and industry portals, numbers through our open for
inspections plus the number of registered bidders at
auctions.
The number of views of property listings continue to gain
momentum across the portals - in fact Domain views are
up 49 per cent year on year, while total listing enquiries
remain strongly up week on week. Enquiries have also
surpassed pre-lockdown levels. Meanwhile numbers at
open homes remain steady week on week.
James Keenan calling an auction at 39-21 Coulson Street, Erskineville NSW
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The information is general information only, not financial advice, and does not take into account your individual objectives, financial situation or needs.