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Market Update | 31 August 2020

Market Update | 24 August 2020

SOLD | 12 Hopetoun Avenue, Canterbury

Market Update | 17 August 2020
Buoyed by strong levels of buyer interest, Melbourne’s property market saw a 90% success rate for properties that went to an online auction over the weekend, according to Domain.
To date, Melbourne’s stage 4 restrictions have weighed heavily on the nation’s economy, with the Reserve Bank of Australia holding the official cash rate at 0.25% for the fifth consecutive month. AMP Chief Economist, Dr Shane Oliver, believes that the Reserve Bank is still in a ‘watch and wait mode’ and suggests the next rise in interest rates could be at least another 3 years away.
‘By maintaining interest rates today, this is sympathetic to the balancing act our economy faces. Once the likes of JobKeeper, JobSeeker, mortgage holidays and safe harbour do eventually come to an end there will be a seismic shock to the economy’, he said.
Fortunately, the latest data from CoreLogic Australia revealed that despite current restrictions, residential properties sold by private treaty continue to see strong demand across Victoria.
According to Smart Property Investment, research from the REIV ‘found that houses spent just 41 days on market, down from 44 days in the same time last year.’
‘Ultimately, the data proves that the Victorian residential housing market still remains highly desirable. Properties spending less time on market means sellers won’t have to deal with the stress of a lengthy real estate transaction. This is a great time to sell your property – a relatively lower volume of property listings is producing strong prices and driving down the selling time’ Real Estate Institute of Victoria [REIV] President, Leah Calnan said.
In Fletchers news, Senior Associates, Michelle Yan and Ian van Eijk (Team Yan Eijk – Estate Agents), successfully sold a boutique, modern ground-floor apartment in Wantirna over the weekend.
Results. It’s a Fletchers thing.
12 Hopetoun Avenue, Canterbury
Space, light and volume. That’s what you experience when you walk into the architect-designed home at 12 Hopetoun Avenue in Canterbury.
Our vendors have owned the land for 35 years and in 2008, they designed and created something special – a brand new build, which is what you see today.
In a blue-chip neighbourhood, the home boasts attractive entertaining areas, a luxe main bedroom and Bosch kitchen draped in stone.
I encourage you to watch the video, this is a special home.
Market Update | 10 August 2020
Melbourne’s first weekend of stage 4 restrictions saw a sharp increase in online auctions and inspections, with a clearance rate of 92% achieved for Victoria amongst 165 scheduled auctions.
Although auctions have now been held online successfully for several weeks, auctioneers are now required to hold all auctions online at home, with agency offices now closed under the tighter lockdown measures.
Under the latest restrictions, the Real Estate Institute of Victoria (REIV) has stated that permitted work during this time will include ‘services related to property settlement or end-of-lease, including removalists’ and ‘building and grounds maintenance, cleaning, pest control and packaging where providing support to an essential industry or where required to maintain the health and safety of Victorians at home or work’.
For the next 5 weeks, this means that any work related to contract settlements or end-of-lease scheduled to occur during this period, may be undertaken. This also includes final inspections.
With physical inspections not permitted at this time, we encourage all buyers to register their interest in a property with us to book a private appointment as soon as restrictions ease.
Results. It’s a Fletchers thing.