Melbourne Property News Monthly Wrap – September 2020

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Melbourne Property News - Buyer Marketing

Still finding good properties to buy during lockdown.

Over September’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 18 online auctions. 4 properties were recorded as sold. 12 properties were sold before auction. 275 homes sold by private sale. Figures were too low to establish a clearance rate.

Important things to know in September

Online is still the only option for home inspections. Despite not one of the State’s coronavirus cases being linked to real estate industry activity, the government now plans to extend its ban to October 26. Until then digital walkthroughs are the only means of inspection and private sales the chief buying solution. Negotiating these sales for our buyers is one of Buyer Marketing’s keenest skills.

A buyer’s external inspection of a home for sale is still possible – as long as it’s within 5km’s of your residence and you are jogging past! Thanks Premier.

Great result for our client

We had a great outcome this month under strict Stage 4 COVID regulations, with Buyer Marketing purchasing 12B Douglas Avenue Chelsea for $1,725,000, which was $100,000 under the owners hopeful price. The purchaser is extremely happy with Buyer Marketing’s professional negotiating skills to secure her dream home with amazing bay views!

The tale of two cities

This week’s national auction figures show the remarkable jump Sydney is enjoying compared with rest of the country. According to CoreLogic, Sydney had 653 auctions over the last week. Perth had 11, Brisbane 83, Adelaide 54, Hobart 2. And Melbourne? just 5. Of course, Melbourne would be up there with Sydney’s booming numbers if it wasn’t for the second wave here.

The REIV is doing its best to push the Government to fast track private inspections in Victoria’s road map to reopening, which is due to begin on October 26 or until cases are lower than five over a long-term average, or lower than five with an unknown source.

Summer is the new Spring

Activity is expected to surge as soon as restrictions ease. This means market activity will ramp up significantly this Summer, rather than ramp down as it usually does.

Stay well everyone!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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