THE MELBOURNE GREENFIELD LAND MARKET CONTINUES TO ADJUST TO COVID-19
Our office doors might be closed, but we and the market are selling!
With thanks to the Oliver Hume Research team we can report that in June, the Melbourne land market saw over 1,500 lots sold after the first round of restrictions were lifted with subsequent building sales also improving. The June sales figures was a recent high and reflect the strength of underlying demand.
Sales were spurred on by the Australian Government’s $25K HomeBuilder program, continued record low-interest rates and improving confidence despite the challenges presented by COVID-19 in recent months.
Time on market (a measure of how quickly lots are sold) declined from 92 to 90 days from the March quarter to the June quarter respectively which is a positive and promising statistic.
Despite the most recent (second round) restrictions – and challenges overall posed by COVID-19 – we continue to expect significant interest from buyers and underlying demand overall. In particular, we expect that, when the current Victorian lockdowns are eased, demand will steadily return consistent with broader measures of property market and economic activity.
While the HomeBuilder Grant has been pivotal in supporting the market and for strengthening sales volumes for titled stock, untitled stock has also been moving. For example in July, over 60% of all lots sold were off-the-plan (untitled).
What is Titled Stock?
Titled stock becomes important for Opalia purchasers who want to take advantage of the $25k HomeBuilder Grant. Part of the eligibility requirements for the grant is purchasers need to sign a build contract prior to December 1st, 2020.
A titled lot means the builders can commence the build process of your new home sooner which fall in-line with the grant requirements and timing.
Titled lots are limited and won’t last long. All you need to secure your new titled lot is a low $10,000 deposit, so act now – contact Sree to secure your preferred lot today.