A recent news article speculated that we will not see the downturn in the market which some analysts predict. The reasoning was that those who have maintained their employment or have seen an upturn in their business during the pandemic will look to avenues that are still open to spend their disposable income.
Overseas travel is off the table for the foreseeable future, meaning that many are now seeing a significant boost to their bank balance. The writer points to an increase in the sale of luxury cars to illustrate the point and extrapolates that property is the next logical target
for these excess funds.
We are certainly seeing strong demand from buyers here in Geelong and land sales have been off the charts over the past couple of months.
For those looking to wait it out before buying or selling, you may be in for a long wait, and we can only reiterate that the market continues to defy expectation, and the long predicted bursting of the property bubble’ has never happened in my 20 years in real estate.
Geelong remains a steady, reliable market and real estate a solid long term investment.
Until next week,
Nick Lord (Director)