Home > Uncategorized > Market Update | 4 November 2020

Market Update | 4 November 2020

Following a remarkable auction clearance rate of 100% for the Fletchers group on Saturday, Melbourne’s property market is already making a comeback.

With fierce competition amongst buyers, our agents reported strong attendance at auction, with as many as 6 bidders participating in the sale for 5 Conder Avenue in Burwood on Saturday, which was sold by my team and I for $1,450,000.

AMP Capital Chief Economist, Shane Oliver, suggested that the uptake in auction activity ‘was probably due to the pent-up demand of buyers and sellers back on the market after the city and property market was locked down during the worst of the coronavirus pandemic,’ according to Domain.

While real estate activity over the Melbourne Cup long weekend traditionally sees auction volumes dip across the city, CoreLogic has instead predicted a 27% increase in auctions, with 690 homes scheduled for sale. ‘It’s an increase from the 490 homes that went to auction last week, while just 255 homes went under the hammer on the same weekend last year,’ Real Estate Business reported.

The RBA delivered good news for home buyers with a rate cut on Cup Day, with the official cash rate now at 0.10 per cent.

Success. It’s a Fletchers thing.

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