Home > Uncategorized > Market Update 5 October 2020

Market Update 5 October 2020

With private inspections now permitted, industry experts believe home buyers could spur on a late selling season for Melbourne’s property market.

According to Domain, ‘buyers and sellers have barely 12 weeks – the time it can take for a property settlement – to make a move before Christmas, after private inspections resumed this week’.

With the late start to Melbourne’s peak selling season a result of strict COVID-19 restrictions in Victoria, Real Estate Buyers Association of Australia President, Cate Bakos, believes many buyers have ‘arbitrarily set Christmas as an emotional date for their property goals’, with the large number of buyers and few properties on the market having left many with a case of ‘FOMO’. ‘Others have access to pre-approval and they’re not keen on going through that rigmarole again,’ she said.

NAB Chief Economist, Alan Oster, said that other Australian markets had fared better than first expected post-lockdown and suggested that the sudden increase in transactions could result in an uptick in house prices across October and November. ‘There will certainly be a spike in sales,’ he said.

Give me a call if you’re considering selling this Spring.

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