December 14, 2020
A Great 2021 to Look Forward to for Our Markets
I’m sure just about everyone would say good riddance to 2020. It was a rollercoaster of a year. After a positive start for the property market COVID took hold in March and we headed into fear and uncertainty – financial markets plunged and the economy headed quickly into recession. It was a long and cold winter, and with the second wave gripping Victoria, a curfew was introduced and a second lockdown brought real estate to a standstill again. Brighter signs began to emerge in spring and as we marched toward summer and the end of this tumultuous year, we watched the stock market resurge, property sales bounce back with a vengeance, stimulus packages pumped into the economy and interest rates that hit record lows.
Now looking back at the markets we operate in, we’ve seen changes in various areas. The Mornington Peninsula really has been the star performer with the shift and re-evaluation of people’s lives during COVID. Through our other markets, although activity stopped during the lockdowns, the doomsayers’ forecasts of the property market falling off a cliff, couldn’t be further from the truth. COVID really only saw our market stall and then regain its strength once we reopened. The depth of demand has been extraordinary, with many of our auctions being contested by multiple bidders. It’s not uncommon to have bidding from five, six or even seven potential buyers at any one of our auctions. The economic measures taken to help us get through the pandemic are clearly working. As we head towards Christmas, this has been without a doubt one of the strongest finishes to the year we have seen for a very long time. With the cost of borrowing so low and a vaccine soon to be rolling out in Australia, indications are for a very positive year ahead for the markets that we love being part of and feel so privileged to work in.
On behalf of everyone at Marshall White we extend a huge thank you to everyone who has supported and followed us through 2020, together with all of the frontline workers who have kept us safe and helped us through the year. We wish everyone a very Merry Christmas and a happy and safe 2021 and holiday season.
All the very best.