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Archive for January, 2021

Market Update | 16 & 17 January 2021

January 20, 2021 Leave a comment

The Real Estate Institute of Victoria [REIV] has reported a landmark increase in median house prices in Victoria following the release of their quarterly December report.

Marking the largest increase in median values since the year 2000, metropolitan houses in Melbourne have now surpassed a median value of $900,000, jumping by 9.5 per cent from the September quarter to $941,000. Regional Victoria has also seen growth in the market, recording its highest quarterly growth since 2003.

In response, REIV President, Leah Calnan said, ‘Throughout the July and September quarters, we received constant reports of low listings and activity. Once restrictions across the state eased, demand and buyer competition skyrocketed. Certainly low interest rates and government incentives, including stamp duty concessions and first home buyers grants added to buyer appetite for the December quarter.’

A total of 29,500 transactions took place in Victoria over the December quarter, making it the highest number of transactions in 2020 after surpassing the March quarter, where 27,500 transactions took place.

Success. It’s a Fletchers thing.

Categories: Uncategorized

Market Update | 11 January 2021

January 11, 2021 Leave a comment

Making a momentous comeback from this time last year – when just 339 auctions were recorded, Victoria is seeing a swift reopening of the property market this Summer, with 992 auctions reported in the state over the weekend. Of those, 82% of properties scheduled for auction sold on the day, bringing in a total auction volume of $763 million for Victoria, as well as another $217 million via private treaty.

In addition to open for inspections and auctions having returned back to ‘COVID-normal’ across Melbourne, these early signs of recovery have been welcomed by agents and industry experts alike, including the Real Estate Institute of Victoria [REIV].‘It is really exciting. I think there is a portion of real estate agents who will still utilise private inspections and technology at auctions,’ REIV President, Leah Calnan, remarked.

Fortunately, we are already seeing more first-home buyers enter the market since Victoria’s extended lockdown, with many buyers citing an improved ability to save their deposit over the last 12 months.

‘The biggest thing I’ve seen this year with Victoria’s lockdown has been the ability, especially among first-home buyers, to be able to put money away into their house deposit savings,’ said Loan Market Geelong Finance Broker, Sarah Thompson.‘I’ve had a lot of clients who were hoping to be able to save enough to buy something later this year or next year. But with the extra savings they’ve made during lockdown, they’ve been able to bring that forward a bit.’

It was first home buyers, for example, that recently purchased the three bedroom home at 29A Crest Grove in Nunawading.

Categories: Auction Wrap

Market Update | 4 January 2021

January 4, 2021 Leave a comment

Melburnians are gradually returning to work after a well-deserved break following a challenging and eventful year across the globe. As we hope to return to a sense of normalcy in 2021, Fletchers would like to wish our clients and friends a prosperous year ahead and look forward to being of service to you as Melbourne’s property market resumes.

After finishing the year on stronger footing, house prices are set to rise in all Australian capital cities in 2021. Buoyed by low interest rates, stimulus from the government and an improving economy, AMP Capital Chief Economist, Shane Oliver, predicts house prices will surge by 5 per cent nationally in 2021.‘The whole market is being driven by low interest rates, buyer incentives.

Obviously, the reopening of the economy and the improvement in the jobs market which are tending to dominate the negatives,’ he said. In a recent update from CoreLogic Australia, data is now showing that ‘as remote working opportunities become more prevalent and demand for lifestyle properties and lower density housing options become more popular’, housing markets in regional areas have also continued to surge, with demand currently outweighing supply.

Dr Oliver has echoed this sentiment, believing that ‘employees’ and businesses’ attitude to working from home have changed fundamentally as a result of this pandemic, which will change people’s attitudes towards commuting and lifestyle and ultimately, where they choose to live. I’d expect regional areas within a two-hour zone of Melbourne [and Sydney] could to be towards 10 per cent next year,’ he suggested.

With state-wide border closures and small, localised outbreaks of COVID-19 expected to emerge across the year, Commonwealth Bank Economist, Gareth Aird, says their current forecasts have taken these factors into account and that ‘while there’s nothing about this latest outbreak just yet that’s big enough to shift the dial, it is just a reminder that COVID-19 is still there.’

If you’re looking for assistance or advice on your property plans over the next 12 months, get in touch to help optimise your marketing strategy and achieve the best outcome for your home.

My team and I would like to wish you all the year ahead! Enjoy your Summer and we look forward to helping you on your property journey in 2021.

Categories: Auction Wrap