Archive
Market Update | 30 June 2020
As concerns grow over Melbourne’s COVID-19 outbreak, the Real Estate Institute of Victoria [REIV] has confirmed that the real estate sector will continue to do everything it can to ensure the transaction of property is provided in a safe and controlled manner.
Nonetheless, confidence in Melbourne’s property market continues to draw impressive results despite current restrictions. This weekend saw a total auction volume of $232 million and a total private sales volume of $132 million for Victoria.
REIV President, Leah Calnan, says the Victorian real estate market is vital to the state’s economy and continues to show incredible resilience during these unprecedented times.
‘The REIV’s Residential Market Index for Victoria increased by 1.8% to 125.6 over the past month, showing that despite the pandemic, the market is holding its ground. The REIV recorded an auction clearance rate of 74% for May, another indicator of the underlying strength of the market,’ Ms Calnan noted.
For those wondering how the rest of the year will play out for the property market, Domain Economist, Trent Wiltshire, says there are two likely scenarios; the first being modest price falls and the second; a gradual pick up in property sales.
‘The key factor supporting prices so far is that few people have been forced to sell their homes due to losing their jobs or having their incomes cut. This has been enabled by the government’s financial support packages assisting households whose income has fallen, in combination with banks allowing people in financial difficulties to defer mortgage repayments,’ he said.
In Fletchers news, my team and I were pleased to sell the feature-packed and perfectly placed 3-bedroom town residence on Saturday, located within a blue-ribbon locale at 2/310 Mont Albert Road in Surrey Hills. The classy and contemporary double-storey home sold after auction for $1,350,000.
Results. It’s a Fletchers thing.
#news #realestate #resultsitsafletchersthing
Market Wrap | 22 June 2020
Auction Wrap | 15 June
Market Wrap | 9 June 2020
Market Wrap | 1 June 2020
We enjoyed the final burst of crisp, beautiful weather over the weekend as Autumn finally came to an end. The sunshine seemed to have a positive effect on many buyers, with the Domain Group reporting a preliminary clearance rate of 64.8 per cent from the 165 scheduled auctions (110 of which were reported).
AMP Capital chief economist, Shane Oliver, compared the current auction market to The Twilight Zone, saying it was hard to understand and predict what would come next. He also added, however, that those properties that sold at auction, sold very well. Whilst many potential vendors may be taking a ‘wait and see approach’, there are certainly several buyers searching for the right property, competing against a shortage of stock.
As of today, easing restrictions mean that numbers at open for inspections and auctions can increase to a maximum of 20 people, plus the agents required to facilitate proceedings.
I conducted my first on-site auction since the COVID-19 restrictions were lifted, at 17 David Street in Box Hill South. The property sold under the hammer, with a total of five bidders competing to secure the traditional three bedroom home.
Results. It’s a Fletchers thing.
