Home > Auction Wrap > Market Update | 24 November 2020

Market Update | 24 November 2020

As more COVID-19 restrictions were eased in Victoria over the weekend, the latest data from the Real Estate Institute of Victoria has revealed the state’s lowest days on market since 2009.

With the average Victorian home spending just 33 days on market, Real Estate Institute of Victoria [REIV] President, Leah Calnan, says that ‘the Victorian real estate market is starting to shine post COVID-19 restrictions, with homes across the state taking less time to sell’.

Comparatively, homes in metropolitan Melbourne are currently selling within just 25 days on market, a huge comeback after a sluggish average of 71 days on market in September.

‘Days on market is a strong indicator of buyer’s desire. Competition between buyers is heating up, and people aren’t waiting to purchase the property they want,’ she said. Starting from this week, ‘indoor real estate inspections will be able to open to a maximum of 20 people, subject to density limits, while outdoor auctions can include up to 50 people from any number of households,’ as reported by ABC News.

In Fletchers news, a total of 6 bidders were seen competing for the 4-bedroom, 3-bathroom property at 11/924 Toorak Road in Camberwell on Saturday. Quietly tucked away at the rear of a development, my team and I sold the contemporary large family town residence for $1,408,000. Success.

It’s a Fletchers thing.

Categories: Auction Wrap
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