Surprising Numbers

Here’s something that might surprise you.  For the last two months, while the world has been turned upside down in what we all agree are unprecedented social and economic circumstances, the Morton sales team have delivered results higher than for the same two months last year.  While the world around us was going crazy it seems the property market was quietly doing its thing.  Surprised?  I will admit I was.

Of course, it was a very pleasant surprise although I need to acknowledge it wasn’t easy. The team worked incredibly long and hard with their clients to help them confidently make decisions that were right given their individual circumstances.  With the world around us changing so rapidly it was important clients felt they were making good decisions that would deliver them both short and long-term advantage. 

It demonstrates people are actively looking to make property deals despite the uncertain times we all face.  Perhaps it’s because of the uncertain times that they are looking for property stability.

In the interest of providing a complete picture I should highlight that the residential property market in the first quarter of 2019 was incredibly tough so it wasn’t the highest of bars for comparison, but still, I don’t think anything will ever compare to the intensity of the months we have just endured.  The achievement of the Morton team is one to be celebrated.

I also think it’s worth pointing out that a significant amount of activity has taken place through Morton offices in Penrith, Riverwood and Wentworth Point.  In those areas the impact of the economic slowdown seems to have little to no impact on activity. I’m not saying households in those areas aren’t hurting but our leasing and sales enquiries particularly in those areas have continued to be strong and successful. 

Now as we look forward to some easing of the social restrictions that will allow more businesses to reopen and people to return to work it will be very interesting to see what happens next.  I hope and anticipate an increase in confidence and activity.  There will be those who have spent the lockdown doing their numbers, recalibrating their finances, reconsidering their priorities, including their investment and property needs. 

What decisions have been made we will have to wait to see and given we’re still a long way from being free of the threat of the Coronavirus whether people will be looking to take action immediately is another big unknown.

But for now, it is great to be able to say that the market has endured this first big test. 

Posted in Ewan's Blog on 6th May, 2020