9th June 2020 / Rob Fletcher: Market Update | 6 & 7 June 2020

So far this month, the real estate industry has continued to take positive steps forward on the road to recovery amid the coronavirus pandemic, which has surpassed 7 million cases globally.

The Queen's birthday long weekend saw several demonstrations for the Black Lives Matter movement take place in most major cities across the country. State governments and campaign organisers were left in heated debate around safety protocols and social distancing measures, sparking fears of a second coronavirus outbreak. The Commonwealth Deputy Chief Medical Officer, Nick Coatsworth, has urged people in attendance to self-isolate for the next 14 days and get tested if they have any symptoms.

Last week, the Federal government's $688 million HomeBuilder package made headlines of its own, with critics questioning the government's strategy to provide assistance to the construction sector.

'It is possibly the most complex and least equitable program the government could have devised to deliver construction jobs. To be useful for jobs, it would need to deliver an extra 60,000 housing starts. Even if the full budget allocation is taken up, it would fund only about 25,000 projects. Many would have gone ahead anyway,' wrote Geoff Hanmer, Domain.

To be eligible, homeowners must be planning to undertake renovations worth between $150,000 and $750,000. Household incomes must also be lower than $120,000 for singles and $200,000 for couples.

In other news, the latest buyer data from the REA group has revealed significant increases in consumer confidence for the property market. In April, realestate.com.au hit a new record audience number, with 11.2 million people visiting their site. The surge in buyer activity has continued in May, where they received over 100 million visits to their web and mobile platforms.

All in all, buyer enquiries have jumped an astonishing 49% year-on-year. With buyer demand now at record levels, this presents vendors with a unique opportunity to advertise their properties and achieve a great sales result.

If you are considering selling or would like to arrange a confidential discussion, we recommend getting in touch with your local Fletchers agent now.