Melbourne Property News Monthly Wrap – August 2020

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Melbourne Property News - Buyer Marketing

Still finding good properties to buy during lockdown.

Over August’s first three weekends the Real Estate Institute of Victoria (REIV) recorded more than 503 online auctions. 223 properties were sold, with 63 were passed in, 25 on a vendor bid. 150 properites were sold before auction. From available figures, the auction clearance rate averaged 84%, higher than last month, which was 78.5%.

What property buyers need to know in August:

With Stage 4 lockdown on through August, Real Estate Agents have had to close their doors. Auctions and inspections have been moved to online only. You have to ask, could they make buying a property any harder? But as the difficulty goes up Melbourne’s highly resilient property market goes solidly on. Prices across Melbourne have eased a bit, depending on the suburb, but haven’t tripped up.

Sellers adapt to expectations

Auction numbers have shrunk as vendors wait out the Stage 4 Restrictions, but sellers wanting to move quickly within the conditions are still going to market, and have adapted to realistic price expectations. And smart investors are out there competing with first home buyers for those opportunities. There are some reports that discounting is happening with private sales. This is a normal part of negotiations, and can work for a buyer if the process is managed well. Sellers’ initial asking prices often being set at the top end of their expectations.

Finding the right property, right now

The benefits of engaging Buyer Marketing stack up so well right now because of shortages in property coming to market, and the uncertainty of knowing what’s going to happen with the market once restrictions are lifted. Buyer Marketing’s long term relationships with so many Agents across the North, East, South and West of Melbourne means we’re able to purchase from off-market opportunities the general public does not even get to know about!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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