The housing market in Lakes Entrance and surrounding areas is in demand with agents finding it challenging to get enough listings.
Real estate agents in Lakes Entrance say Melbourne residents are looking to relocate.
Renee Shine, a sales consultant from LJ Hooker, reported enquiries have now started to slow down as Melbourne faces lockdown, but before that they had been very busy.
“There was a downturn during the bushfires, but since then we have been getting a lot of sales,” Ms Shine said.
“Many of these sales were people wanting to relocate out of Melbourne, but also interstate, mainly New South Wales.
“People who are nearing retirement age, are bringing it forward, they are commenting that life is too short and they want to get out while they can.”
Ms Shine said with the COVID-19 lockdown in Melbourne enquiries had eased, but there was still interest from the Latrobe Valley area.
Even with the strong demand, prices have generally stayed steady.
“It looks very promising once Melbourne is out of lockdown, but listings will be down because so much has sold,” she said.
King and Heath reported a similar situation.
“The bushfires brought some uncertainty into the market and it was a little down, then before COVID things were looking up,” branch manager and director, Chris Howlett, said.
The bushfires had not deterred buyers from wanting to purchase in Lakes Entrance.
“In outlying areas people were considering if they wanted to be there, but they see Lakes as fine,” Mr Howlett said.
“People who may have been concerned about the prospect of bushfires are now more worried about COVID. They have done their budgets and see they will be way ahead by purchasing in the country.
“Still, 80 per cent of our sales are local people and that is across all our offices.
“The State Government and Melbourne media had promoted the area considerably and by Australia Day we were getting a lot of enquiries.
“Since then the market has been the strongest at this time of year that I have seen in 15 years.”
The HomeBuilder program introduced by the Commonwealth Government with grants of$25,000 is also having an effect, plus the first home buyers scheme.
“Land sales have gone mad, we have seen instances of subdivisions selling out,” Mr Howlett said.
Subdivisions waiting for titles have also had huge interest.
Asked if he thought prices would be on the up, Mr Howlett said “my heart says the market may get stronger”.
King and Heath property manager, Kahli Innes, reported a 100 per cent capacity on rental properties.
“Since the start of June until now we have rented 24 properties, this is at a time when we are usually quiet,” Ms Innes said.
“There have been a lot of Airbnb properties coming over to the rental market.
“We have had a really good quality of tenant and the average rental price has risen, so owners are happy.”
reported that once the bushfire emergency was over, it was business as usual.
“The sales and rental market really haven’t been affected,” she said.
“Sales have been good so now listings are low. Lots of people from the outer suburbs of Melbourne have been buying.
“COVID seems to have helped anyone thinking of getting out of Melbourne make the decision. They are saying they’ve had enough of city life and that it is safer down here.”
Ms Newman feels the virus has been a game changer with many people working from home realising the virus may be an ongoing reality.
“They may have had a five-year plan, but with working from home they can put that plan into action now,” she said.
Ms Newman doesn’t think prices have changed but reported some Melbourne people had been using the risk of bushfires to try and get a lower price.
“As long as agents stick together, it may help our prices in the long run,” she said.
Philip Dunn, from Gary Henry Real Estate, has had more listings selling than new ones coming in the door.
“Many property owners have been reluctant to put their home on the market because of the bushfires and COVID-19, but they shouldn’t be,” he said.
“Sales have been very good and we are definitely getting more enquiries.
Eighty per cent of Gary Henry’s sales are coming from Melbourne.
“They see what they can get for their dollar compared to the city,” Mr Dunn said.
“With the share market being unpredictable they are investing in property with the thought they can either rent or live in it.”
Now that Melbourne is in lockdown, Mr Dunn has been showing potential buyers through houses on FaceTime.
“I never thought I would see the day I could sell a house unseen, but this is happening,” he said.
IMAGE: First National King & Heath Lakes Entrance assistant property manager, Emmie Bacon, property manager, Kahli Innes, and branch managaer and director, Chris Howlett.
