Melbourne Property News Monthly Wrap – November 2020

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Melbourne Property News - Buyer Marketing

Market booms as Melbourne springs back to life.

Over November’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 860 auctions. 450 of these proeprties were sold at auction with 136 were passed in and 46 of those a vendor bid. 175 properties sold before auction whilst 2 properties sold after auction. The clearance rate averaged 82.5%. 

What a relief to get lockdown over and done with! Melbourne’s Covid19 recovery is charging on with auction numbers growing.

More homes coming to market

Buyers are in a box seat with interest rates hitting almost rock bottom, but still have to compete heavily for the low volume of properties. But vendors are growing – Melbourne listings increased 26.7% to 44,057 from September to October (SQM Research).

Another Buyer Marketing success

A very good recent purchase for a Buyer Marketing client is a three bedroom townhouse at 2/36 Northcote Avenue, Caufield Nth. Our client had been looking for the right property for many months and despite several parties expressing interest, Buyer Marketing purchased the home to our advantage, well under the seller’s expectations.
Another great outcome and very happy clients!

Melbourne house prices set to rise

Since peaking in March, Melbourne values crept down 5.5% over the whole pandemic period (CoreLogic). But Melbourne is now set to follow the same rising trajectory happening in many other Australian cities. Agents report some Melbourne homes shot over reserve last weekend, for example in Balwyn North ($420,000 over) and Kew ($225,000 over). These are also signs townhouse and apartment developers are gearing up again and spending up. Competition is hot and looks like it will heat up going forward, which means now is a good time to buy.

Things are looking good for Summer as Melbourne heads back to normality!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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