Melbourne Property News Monthly Wrap – July 2020

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Melbourne Property News - Buyer Marketing

On-site auctions back on ice for winter.

Over July’s first two weekends the Real Estate Institute of Victoria (REIV) recorded more than 585 auctions. 261 properties were sold at auction, with 111 passed in, 43 on a vendor bid. 138 properites were sold before auction. The clearance rate averaged 79.5%, a jump up from last month, which was 65.75%.

What home buyers need to know in July:

Melbourne’s new 6 week lock-down puts an end to on-site auctions until August 19. Online auctions and inspections by appointment will continue.

The online auction process will run a bit smoother this time around as it’s a more familiar scenario for selling agents. But virtual bidding is still an odd process for many buyers and it underlines the benefits of having a skilled Buyer Agent going in to bat for you. An experienced Buyer Agent will negotiate to best advantage, for you, during any buying process.

A great buying result in Richmond

We just made a very good acquisition for our clients, at 2/1 Princess Street Richmond. They had failed to find a property to meet their criteria for several months. Having a good relationship with the selling Agents, Buyer Marketing negotiated the purchase before the home went to auction, for $1,280,000, well under our clients budget. A great outcome, and very happy clients! The adjoining property next door, larger in size, sold in May 2018 for $2,500,000.

Rents falling in student areas

Rent prices have recorded double-digit falls in some inner-city, and student neighbourhoods. Many international students are unable to return to Australia and many local students have moved back to parents’ homes. Rents in MacLeod near La Trobe Uni are down 12.9% over 2020‘s first six months. And down 12.5% in Mont Albert. This presents opportunities for astute buyers. The old adage ‘Buy in gloom’ exists for good reason!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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