Melbourne Property News Monthly Wrap – August 2020

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It’s ready, set, go for Spring. Get ahead of the rush!

Over August’s 5 weekends the Real Estate Institute of Victoria (REIV) recorded more than 650 online auctions. 257 properties were sold at auction, with 72 passed in. 31 on a vendor bid. 209 properites were sold before auction. The clearance rate averaged 85.5% over the first three weekends, with insufficient data for the last two weekends.

At the end of August and after seven weeks of Melbourne’s second-wave Coronavirus lockdown, auction numbers have dwindled from 176 on August’s first weekend, to 36 on the last weekend.

But with the infection rate dropping and the Stage 4 lockdown due to end on September 14, sellers who get in early are guaranteed a whole lot of attention. Spring’s great weather and better operating conditions will bring a lot more homes onto the market. Conditions will become increasingly competitive for sellers.

Sydney is firing. Melbourne’s next

For a picture of what it means for property when Melbourne’s current Coronavirus wave settles down and restrictions are lightened, we only have to look at Sydney right now. 

About 780 auctions were scheduled in Sydney over the last week, which is 25% up on the previous week and 32% up on the same week in 2019. Sydney is coasting into Spring with a surge in selling, responding to pent-up demand from their lockdown period.

Where budget buying is spiking

Meanwhile in Melbourne at the moment, according to data from Domain.com.au (last 12 months to July) there’s a surge in home-buyer searches for budget properties (under $480,000) that is spiking highest in the Outer East and South East, in Knoxfield, Vermont and Wantirna. And Clayton and Dandenong.

The profile fits entry and first home buyers rushing to those zones to take advantage of the extraordinary grants and concessions now on offer.

Craig Knudsen
Principal Advisor
Vendor Marketing

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