Big Numbers

We had 37 groups inspect 2 Oak Grove, Malvern East on Saturday – a fully renovated family home on 740sqm with a pool.

Around the corner, 47 groups inspected a contemporary three-bedroom townhouse on Darling Road.

Big numbers!

We always see a spike in inspection numbers in the first few weeks following Australia Day.

The first round of new listings entices all types of buyers out to see if the stars will align for their next move.

You get the newbies – first time researchers who have decided that 2023 could be their year but they aren’t ready to buy yet. They usually last a couple of weekends and then put their search on the back burner. Maybe next year?

You get the almost ready buyers – they were newbies in Feb 2022 but then ramped up the search in Q4, engaging a mortgage broker and attending several auctions. They are still waiting on their pre-approval and haven’t bid or offered yet.

You get the active buyers – they are now onto their second pre-approval and have missed out on a couple of properties. They know what they want and are ready to have a crack. They also know to screen agents’ calls on a Monday and how long it takes to get from Prahran to Malvern East on a Saturday morning.

And, as always, you get the sticky beaks and serial lookers thrown in for good measure. Don’t worry… you’re always welcome!

With a solid two-month hiatus since the last batch of new listings in late November, the buyer pool is replete at this time of year and spread thick over a very small number of listings, hence the big numbers at opens. Lots of buyers per listing.

Things tend to balance out in March once more stock comes to market and the newbies lose enthusiasm.

Interestingly, the numbers from Saturday were even higher than we typically see on our first weekend back. This could mean that there are even less listings than usual (likely). And/or even more buyers than usual (possible).

Either way, it was a pleasant surprise to see so many active buyers on Saturday and further confirmation that quality properties will continue to outperform in a market that is ostensibly subdued, but fundamentally undersupplied.

Despite all this talk of up to four further rate hikes, many people are choosing to get on with their lives and their property plans.

Feature Image: 3 Millicent Ave, Toorak