December market shines, with strong recovery.
Over December’s first 3 weekends the Real Estate Industry of Victoria (REIV) recorded more than 2,531 auctions. 1,355 properties were sold at auction, with 420 passed in and 171 of those on a vendor bid. 419 properites sold before auction whilst 2 properties sold after auction. The auction clearance rate averaged 79.5%.
Stock is flowing into the Melbourne market in December as sellers and buyers delayed by the pandemic make their moves. Hotly contested auctions have continued right up to the last weekend before Christmas.
What’s ahead for 2021?
As long as Sydney’s outbreak is contained there it will have little effect on the Melbourne market. 2021 will start with a continuing sellers market. Buyers may be jumping on the best properties, but generally people are buying cautiously in most areas. Market values are still down on past highs. Looking forward the zones with most potential value growth in 2021 are likely too be the blue chip suburbs in inner Melbourne which have always proven resilient after a downturn. Also mid-northern and mid-western suburbs that are still offering good value for money will be in great demand.
Which suburbs weathered Covid the best?
Collingwood knocked up Melbourne’s biggest gains over the last 12 months with average house values up 11.9% over the year to $1,200,347. Affordable villages across the Mornington Peninsula like Dromana, Bittern, Crib Point and Balnarring have also jumped in value (Domain). People who were locked down in Melbourne dreaming about a home or getaway near the coast and are making the move. Agents on the Surf Coast report a similar trend, suggesting young locals who had moved to Melbourne for work were now returning to Bellarine or the Surf Coast to live and raise a family.
This time it’s unit hot-spots
CoreLogic reports that Kingsville (tucked between Yarraville and Footscray) is Melbourne’s best performing unit market with values up 16.6% to a $520,063 median over the last 12 months. West Footscray, Tarneit and Point Cook all notched double-digit growth too.
The summer Melbourne waited for is here, bringing a great end to a difficult year. Our resilient property market has generally weathered the storm. We wish all Vendor Marketing’s friends a joyful Christmas and the happiest of holidays!
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