How COVID 19 Has Affected The Paynesville Real Estate Market

Hi everybody, Scott from King & Heath Paynesville here.

I thought this was a good time to give you an update of what is happening from our office’s perspective during the current circumstances we find ourselves in.

The last 6 months have been an interesting time for people living in East Gippsland. With the bushfires in December – January and the current Covid -19 restrictions it has been a difficult time for us all.

Having been in the real estate industry for close to 23 years l have not seen a time like this which has challenged the local property market as we are currently experiencing.

Looking a little deeper into the local market, from our perspective in Paynesville, we are pleasantly surprised with the current market conditions. The market has performed far better than we predicted.

In February our office received 105 enquiries for the month. We had fully recovered from the bushfires and the local market was going very well.  In March we received 95 enquiries and in April we had 70 enquiries.  Overall our enquiry numbers are down by 30% as a result of the COVID 19 situation.

But more importantly the number of sales the Paynesville office has made in the last 2 months are more than most people would expect.  Most of the enquiry activity has been with local buyers in our area, which is understandable considering the travel restrictions in place.

When we look at where the buyers are coming from, the statistics are quite interesting.

From the first of March till the end of April we had 23 sales, 8 of these for homes and 15 vacant allotments.

11 sales were to local buyers within the East Gippsland area and 12 sales were to people residing outside of East Gippsland.

Who would of thought, out of town buyers were higher than locals? Interesting statistics from my point of view.

King & Heath have changed the way we market property and it seems like this is working.

We are trying to make it easier for out of town people to buy, with the use of video tours and one on one virtual inspections as required.

We continue to follow all the Covid -19 regulations for inspections and other requirements under the act.  As the current Covid-19 restrictions begin to relax we should see our local real estate market continue to improve over time.

With lower numbers of homes on the market at present I see an opportunity for people considering selling. This may seem a biased point of view but hear me out.

With current market prices holding up very well, enquiry levels at a good level and reduced competition for sellers in the marketplace now could be the time to sell if you are comfortable with inspections.

When restrictions are relaxed further into the future competition for home sellers will increase and possibly place greater pressure on pricing, but time will tell if this is actually the situation.

Thanks for listening, for further details about the property market in the Paynesville area you can visit my website, scottholland.kingheath.com.au, or find me on Facebook, scotthollandkingheath.

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