Not only have the sales been strong but we have been surprised by the level of enquiries.
We recently read articles indicating the bottom has fallen out of the residential land market in Melbourne. Our April results indicate otherwise.
We had two standout projects that continued marketing as they would have prior to COVID-19 and the sales results were very strong. At Austin Lara, a new advertising campaign commenced mid-April and we finished the month with 10 sales, up on the previous 3 months. Enquiry was strong although the number visiting the site reduced for obvious reasons. This is a quality project and the developers, Austin Land, take great pride in presenting it as such. There is no indication of sales easing as we commence June.
The second project we that continued advertising through April was Underbank, Bacchus Marsh. Again, a high-quality project. Twelve sales were achieved for the month of April.
The developers who have failed to advertise through COVID-19 have come to the conclusion that the market has died but for those that have made the wise decision and kept their advertising exposure up have reaped the benefits.
Not only have the sales been strong but we have been surprised by the level of enquiries. Perhaps, this has been because people have had more available time to explore various housing options. It has proven to be a terrific opportunity to build the size of our databases and I am sure many of these new enquiries will eventually convert to sales. We at Latitude remain optimistic about the months ahead.