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Market Update | 30 June 2020

June 30, 2020 Leave a comment

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

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Categories: Uncategorized

Market Wrap | 22 June 2020

June 22, 2020 Leave a comment
MARKET UPDATE 🏘
 
Following several double-digit spikes in the number of confirmed cases of coronavirus, Premier Dan Andrews was forced to delay a further easing of restrictions over the weekend.
 
Auctions and open for inspections, which were set to allow up to 50 attendees on site from today, will now remain at a limit of 20 patrons, along with restaurants, pubs, cafes, gyms and cinemas. Outdoor gatherings will now be limited to 10 people, with visitors to your home limited to a maximum of 5 people, from today.
 
The Victorian Government has also extended the mandate for those who can work from home, to continue doing so until at least the end of July.
 
‘As we’ve seen across the world, this virus has the ability to turn a few cases into hundreds in a matter of days. That’s why we also need to delay an increase to gathering limits,’ Mr Andrews said.
 
With restrictions on auctions and open homes extended for another three weeks, AMP Chief Economist, Shane Oliver, says the real test of Melbourne’s property market would be in October, once the Spring market was in full swing.
 
Fortunately, low interest rates, mortgage deferments and the JobKeeper and JobSeeker benefits from the Federal government have helped keep the market buoyant, he said.
 
Our team was pleased to see a strong level of buyer activity over the weekend, with several auctions seeing as many as 5 or 6 bidders compete on the day
 
Results. It’s a Fletchers thing.
#news #realestate #resultsitsafletchersthing
Categories: Auction Wrap

Auction Wrap | 15 June

June 15, 2020 Leave a comment
A further easing of COVID-19 restrictions is set to take place on 22nd June, which will allow up to 50 people to attend public auctions and open for inspections.
AMP Capital Chief Economist, Shane Oliver, said ‘the longer, slower pace of the easing of restrictions’ was ‘having an impact’ on the industry, with ‘Victoria’s economy [lagging] a little bit compared to NSW’.
Despite this, consumer confidence seems to be back on the rise, with the Melbourne Institute and Westpac Bank Index of consumer sentiment climbing for its second straight month in June by 6.3%.
Interestingly, the latest data from CoreLogic Australia has revealed a rise in new listings and property sales across Australia in May, with a 22.4% increase in new residential listings on the previous 28-day period.
Last month, Fletchers multi-award winning website recorded a 20% increase in buyer activity, with our agents also reporting a significant resurgence in attendance at auctions and open homes, whilst adhering to current restrictions. For the same period between April and May, Fletchers also reported a 17% increase in property transactions.
Coupled with record-low interest rates, significant increases in buyer search data and improved consumer sentiment, we expect Melbourne’s property market to continue to swing back into action for the remainder of the year.
In Fletchers news, 18 Liston Street in Glen Iris was among the 296 auctions which took place across the state over the weekend. Announced on the market at $1,475,000, the classic 1950’s weatherboard home saw 4 bidders compete on the day, selling under the hammer for a remarkable $1,900,000. Watch the live auction here: https://youtu.be/qgwcStA-VEk
Results. It’s a Fletchers thing.
Categories: Auction Wrap

Market Wrap | 9 June 2020

June 9, 2020 Leave a comment
MARKET UPDATE 🏘
 
So far this month, the real estate industry has continued to take positive steps forward on the road to recovery amid the coronavirus pandemic, which has surpassed 7 million cases globally.
 
The Queen’s birthday long weekend saw several demonstrations for the Black Lives Matter movement take place in most major cities across the country. State governments and campaign organisers were left in heated debate around safety protocols and social distancing measures, sparking fears of a second coronavirus outbreak. The Commonwealth Deputy Chief Medical Officer, Nick Coatsworth, has urged people in attendance to self-isolate for the next 14 days and get tested if they have any symptoms.
 
Last week, the Federal government’s $688 million HomeBuilder package made headlines of its own, with critics questioning the government’s strategy to provide assistance to the construction sector.
 
‘It is possibly the most complex and least equitable program the government could have devised to deliver construction jobs. To be useful for jobs, it would need to deliver an extra 60,000 housing starts. Even if the full budget allocation is taken up, it would fund only about 25,000 projects. Many would have gone ahead anyway,’ wrote Geoff Hanmer, Domain. To be eligible, homeowners must be planning to undertake renovations worth between $150,000 and $750,000. Household incomes must also be lower than $120,000 for singles and $200,000 for couples.
 
In other news, the latest buyer data from the REA group has revealed significant increases in consumer confidence for the property market. In April, realestate.com.au hit a new record audience number, with 11.2 million people visiting their site. The surge in buyer activity has continued in May, where they received over 100 million visits to their web and mobile platforms.
All in all, buyer enquiries have jumped an astonishing 49% year-on-year. With buyer demand now at record levels, this presents vendors with a unique opportunity to advertise their properties and achieve a great sales result.
 
If you are considering selling or would like to arrange a confidential discussion, please don’t hesitate to get in touch.
 
Results. It’s a Fletchers thing.
#news #realestate #resultsitsafletchersthing
Categories: Auction Wrap

Market Wrap | 1 June 2020

June 1, 2020 Leave a comment

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.

Categories: Auction Wrap