2022 has started with a changed perception of market conditions, to start there was covid omicron which  effected buyer activity slowing of enquiry and further fears of lockdowns loomed.  February re bounded strong and we observed increased enquiry with multiple buyers on three sold properties.  Market was showing interest in high priced properties with the realisation money is still cheap with interest rates stable at 3% for home loan with cba.  Increased appraisals and listings in February showed vendors are wanting to capitalize on market strength.  In March there was beginnings of media talk about interest rate rises with a survey suggesting 60% of people believe that interest rates will hike in 2022.  At this time the USA had their first interest rate rise in 3 years, supporting the data that inflation is here.  Data from REA showed that in March regional town enquiry is stronger than ever with 2022 Jan-March having the most amount activity on website ever, superseding the record by 100,000 hits.  Another suggestion pointing to the strong desire to move regionally to enjoy the attractive lifestyle we offer.  Whilst rents continue to rise, mostly due to supply and demand issues, the vacancy rates continue to be at an all-time record lows.

So what does this all mean for our towns?  We have observed over April that price growth has slowed and that buyers are presenting offers up to 15% below asking price for the first time since November 2020.  Although this is proof that the market is weaker we still  recognize that Yarrawonga/mulwala has experienced up top 40% growth since the beginning of the pandemic.