Home > Auction Wrap > Auction Snapshot | 27 April 2020

Auction Snapshot | 27 April 2020

With ANZAC Day services conducted remotely this year, Australia’s most significant day of remembrance offered the opportunity for Australians to come together and pay their respects in new and unusual ways. 🇦🇺

For many, lighting a candle in the street and tuning into The Last Post via radio or livestream was a favourable way to mark the occasion. For others, it meant bringing the family together and baking ANZAC Day Biscuits for all to enjoy.

As we look to the future, new data shows that Melbourne’s property market is expected to rebound strongly as restrictions ease. Prior to the COVID-19 outbreak, Victoria achieved record-breaking growth for the March quarter, which saw house prices rise 2 per cent and median house values reach $918,350.

In response, Real Estate Institute of Victoria [REIV] President, Leah Calnan, said ‘Real Estate had a strong start to 2020; property values have reached new heights across the state during January, February and March. Our industry is strong and we will survive Coronavirus. The desire for Victorian real estate is high and when this is over we look forward to more fantastic results.’

In the meantime, it seems that upsizers and first-home buyers are keeping the industry on its feet, with buyers taking advantage of the slowdown in order to either upgrade or enter the market for the first time.

‘Listing numbers are putting a floor underneath prices because there are fewer, so there may be more competition for properties keeping prices steady. It does make upsizing more affordable. It helps people get onto the property ladder too,’ said Domain Senior Research Analyst, Nicola Powell.

For any advice on selling in the current market, please contact me.

Categories: Auction Wrap
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: