25th March 2022
Two years into the pandemic, following extended lockdowns in some states and a shift towards remote working across Australia, property seekers are valuing space more than they did pre-pandemic. This has driven up demand for larger homes over the past 24 months as reported by PropTrack. However, this trend towards larger dwellings is not a new one, it is a longer-term trend that has been accelerated by COVID-19. Five-day office weeks seem to be a thing of the past with flexible working now being the norm for most office workers. With more hours spent at home, people are continuing to seek out larger homes to accommodate for home offices and more opening living. This has been evident in search data from realestate.com.au and certainly from buyer sentiment as they search for their slice of paradise in Anglesea.
The sale of 92 Melba Parade comprising 5 bedrooms over 50 house squares demonstrated the desire for purchasers to up size out of smaller Melbourne homes.
One and two-bedroom houses and units now make up a smaller share of searched properties compared to pre-pandemic. In contrast, three and four-bedroom dwellings are attracting more interest from potential buyers with their share of searches increasing over the past two years. Larger homes have also seen faster price growth as a result. House prices have been growing more rapidly than unit prices and larger homes are seeing faster price growth than smaller ones as reported by realestate.com.au.
For and on behalf of the Anglesea Team
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