Tim Heavyside

The latest data from the REIV revealed that ‘the average Victorian home is spending just 41 days on market before being sold, down from 44 days in the same period last year. Homes in metropolitan Melbourne are being sold within 39 days on average.’

‘There remains a huge interest from buyers despite the state undergoing restrictions due to the pandemic. The REIV days on market figures, amongst a range of other measures, show that our state’s property market is holding strong and delivering great results across the board,’ she noted.

With listing numbers remaining down on previous months and some vendors delaying their sales until public auctions return, agents across Melbourne are citing a missed opportunity in the market, with one agent pointing out, ‘buyer activity is so strong at the moment. We just wished we had more stock’.

Meanwhile, interest from first-home buyers continues to grow, with affordable entry-level homes generating increased interest from buyers throughout the state.

‘There seems to be plenty of buyers in our market. Looking for that entry point, whether it’s a house or an apartment. There’s not a lock of stock coming up, which is normal for Winter, but I think with COVID, people are waiting a little,’ one agent remarked.

My team and I sold the freshly renovated, single level home at 2/3 Raynes Street in Balwyn which saw 4 bidders fight it out for the keys to the deceased estate. The buyers were a young couple looking to get into the Balwyn market. ‘The vendors were two brothers and they were thrilled with the result’. We also sold 12 Albert Street in Surrey Hills post auction, for $2,300,000.

Results. It’s a Fletchers thing.

In the wake of the second lockdown, realestate.com.au Chief Economist, Nerida Conisbee, presented several key trends for property this Winter, following a particularly positive month for the market over June.

Fortunately, buyers continue to remain active online, with ‘the number of home buyer searches on realestate.com.au [continuing] to surge and is now up 72.5% from the lows experienced at the end of April,’ she said.

Similarly, Real Estate Institute of Victoria [REIV] President, Leah Calnan said the Victorian property market has displayed true strength during the COVID-19 epidemic, with the latest quarterly median prices showing that ‘the market is in a much better shape than it was in 2019 across all property types’.

Holding firm against all predictions, ‘house values in Metropolitan Melbourne fell by just 3.5% over the June quarter, following 4 consecutive quarters of continuous growth.’

New records have also been set for houses and units sold by private treaty, with properties sold by this method up by 7.6% and 3.4%, respectively.

In Fletchers news, my team and I were thrilled to sell the pretty weatherboard home at 37 Mitta Street in Box Hill North post our online auction.

Results. It’s a Fletchers thing.

#news #results #resultsitsafletchersthing

According to Domain, one agent said that buyers were ‘now used to it and trust what they see online and know that their bids are coming through’.

For vendors, agents echoed the sentiment that ‘as the body of evidence builds around successful online auctions, there will be a boost in popularity’.

Domain Senior Research Analyst, Nicola Powell, advised that the weekend’s results were not unexpected, given the quick changes that had to be made.

In other news, REIV – Real Estate Institute of Victoria President, Leah Calnan welcomed clarification from the Victorian government that ‘a person can still move home during the lockdown; even if it involves travelling into a different region’.

With housing remaining an essential service, Ms. Calnan said that the news would help keep the real estate market open and provide people with the opportunity to secure a place to live.

My team and I were thrilled to sell both 1/26 Charlton Street, Blackburn North and 4 Graham Street, Surrey Hills prior to their scheduled auctions on the weekend.

Please know that we are still offering complimentary appraisals to those within the community, which can be arranged via private or virtual appointment.

To book, contact me on 0403 020 404.