Melbourne Property News Monthly Wrap – June 2020

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Melbourne Property News - Buyer Marketing

$25,000 windfall for renovators is great news for buyers.

Over June’s first two weekends the Real Estate Institute of Victoria (REIV) recorded more than 455 auctions. 199 properties were sold at auction, with 143 passed in, 68 on a vendor bid. 78 properites were sold before auction. The auction clearance rate averaged 65.5%.

What home buyers need to know in June:

Buyers are still absorbing the good news that $25,000 grants will be given to new home builders and also renovators, until the end of 2020. The offer is Federal policy to reinforce the home construction industry and applies to singles with income up to $125,000 and couples with combined incomes of up to $200,000. The renovation must be valued between $150,000 and $700,000. The pre-renovation value of the house must not exceed $1.5 million.

This is a fantastic windfall for a home buyer, who can then apply for a $25,000 boost for their renovation budget. A good opportunity for anyone positioned to take advantage of it. These are certainly extraordinary times. It’s free money!

This new Federal grant applies in tandem with other State first-home owner grants programs.

More home owners are testing the market in June with new listings rising. Buyer demand is high and still outweighs the volume of new listings.

Despite plenty of buyers competing for properties, some experts have flagged a slight decline in prices over the next 12 months in some segments of the market popular with Chinese investors, like inner-city apartments, luxury homes and properties in university hubs.

Victoria’s return to normality will speed right up after June 22 when a lot more restrictions ease, but it’s still a cautious process with scattered cases of Covid-19 continuing to turn up. This is partly because Victoria has Australia’s highest per capita testing rate.

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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