Melbourne Property News Monthly Wrap – June 2021

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Melbourne Property News - Buyer Marketing

Ballistic clearance rates in June, despite the lockdown

Over June’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 923 auctions. 751 properties sold, 393 at auction, with 42 passed in. 357 properties were sold before auction.The clearance rate averaged 94.5%.

Restrictions still in force

Outdoor auctions are currently capped at 50 people. Home inspections limited to 10 people. Metro Melbourne travel is limited to 25 kilometres. Melbourne has entered winter with a long lockdown after yet another local Covid outbreak. With patience running out, people are asking why is this Victoria’s problem, again and again?

Skyhigh 97% clearance rate

There’s plenty of buyer demand chasing limited stock, and agents are saying prices will keep rising through winter. The extraordinary 97% clearance rate on June’s first weekend shows demand is through the roof, with lots of prices going higher than expected. Buyer Marketing’s strategies are critical for getting the best result for a buyer in conditions like these.

Two great buys by Buyer Marketing

Buyer Marketing has had some excellent recent acquisitions. 24B Hill Street Bentleigh East, a new townhouse, was purchased off-market for $1,500,000, 150 to 200k under the price that may have been achieved if the property had gone to auction in the current superheated conditions. The clients could not believe the fantastic outcome, having missed out on a property that sold for $1,675,000 at 4B Collocott Street Mordialloc that was quoting 1.35 to 1.45 million prior to auction.

2A Hodder Street, Brighton East, was purchased by Buyer Marketing prior to auction for $1,750,000. (A similar property had sold at 26 Northern Rd, Brighton East one week before for $2,000,000). It was another very well negotiated purchase and an amazing outcome for our very happy client!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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