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Are we on the road to recovery?

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15 June 2020

For the first time in many months, there seems to be a feeling of normality in air. This included the Melbourne Real Estate Market which was very active with buyers inspecting properties, auctions with competitive bidding and just a feeling that we may have turned the corner.

Over the weekend I inspected many properties varying in prices from $600,000 to $6,000,000 in which all of the open for inspections were busy.  Some of these opens even reached full capacity of 20 people which lead to people waiting outside and lines down the street.  Even properties that had been on the market for quite some time achieved greater numbers than they previously had.

We don’t know yet whether this will lead to buyers having the confidence to bid as of yet, but in time, I am sure they will.  After speaking to many selling agents, I found it very interesting to hear that many of these buyers are not returning buyers, but in fact many of them are new to the market.  The first home buyer is extremely active with good quality apartments attracting huge numbers at open for inspections and strong bidding at auctions.  I attended an auction on the weekend of a 1970’s two bedroom apartment in Richmond which had 14 registered bidders (photo above).  Due to the Covid-19 restrictions, only 20 people in addition to the selling agents staff are allowed to attend.  The auctioneer had to awkwardly ask all partners to leave and wait in the laneway at the rear.  The auction took place in the car park to avoid any passersby stopping to watch and there were very strict social distancing measures in place.

The upper end of the market is also waking up with active bidding and busy open for inspections.  33 Mangarra Road, Canterbury sold for $4,120,000 which was $470,000 above its reserve price with three bidders fighting to secure the home.  It is important to note that there are still some properties that are selling short of expectation which means there is a level of caution with some buyers.

Have a great week.

Kim Easterbrook

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