Melbourne Property News Monthly Wrap – November 2020

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Clearance rates soar in unlocked Melbourne.

Over November’s 4 weekends the Real Estate Institute of Victoria (REIV) recorded more than 2,061 auctions. 1,027 properties were sold at auction, with 315 passed in and 117 of those on a vendor bid. 398 properites sold before auction whilst 3 properties sold after auction. The clearance rate was a sky high 82%.

Auction numbers are growing in leaps and bounds every week as Melbourne property clicks back into gear. Agents can now allow up to 20 people inside a property at the one time for inspections and 50 people can attend an outdoor auction.

New REIV data shows the average Victorian home is now on the market for just 33 days before being sold, which is the shortest time in over a decade. And with only four and a half weeks left in the year there are plenty of Melbourne buyers still hoping to put a new home in their Christmas stocking.

Home sales roll on during Summer break

With quarantine debacles behind us and lockdowns over, supply will keep coming. This Summer will be a unique property market for other reasons too. Potential buyers will not be taking off on overseas holidays so in effect are still a captive audience. And the growing trend in less formal off-market sales will continue. Well presented homes with the right marketing strategies are in a very strong position to sell across Summer 20/21.

Values rise across Melbourne

Despite the rollercoaster year Melbourne property values are on the rise (according to realestate.com.au). Although Melbourne house values are still 5.4% below the prepandemic high point, 87% of Melbourne suburbs have increased price growth over the 12 months up to October 2020.

Remember the gloomy commentators earlier this year who predicted 10% to 30% value drops? They forgot how resilient Australian property is as an investment and how much
stock Australians put in home ownership.

Stay safe as we roll into Summer!

Craig Knudsen
Principal Advisor
Vendor Marketing

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