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Is now a good time to buy?

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11 May 2020

Good morning,

I hope everyone was able to have a lovely Mother’s Day.  I certainly was able to enjoy my first Mother’s Day with my beautiful daughter.

The Melbourne Property Market remained active last week with 308 sales occurring.  239 of those were private sale and the remainder were either before or at auction (online).  Well down on last year however still reasonable all things considered.

Over the past two weeks at Elite, we have experienced an increase in the amount of enquiry we have been receiving from new buyers.  The numbers are a huge improvement in what we received in April.  With restrictions easing across the country, it appears that some buyers who have been sitting on their hands are starting to come out of the woodwork.

Is now a good time to buy?

With less competition from buyers, we are not witnessing any runaway sales results like we were a couple of months ago.  Whilst many properties are selling with competition from more than one other party, it seems buyers are not willing to pay the premiums they previously were.  This is allowing some buyers the opportunity to secure the property they were not able to secure earlier this year.

Victorian’s are eagerly awaiting today’s announcements of what the plan will look like in lifting the Stage 3 Covid-19 restrictions.  This will have some impact on how the Real Estate Industry will operate moving forward.  We are expecting that auctions and public open for inspections to recommence in the not too distant future.  The REIV are advocating that people attending auctions must have the COVIDSafe app on their phone and increasing inspections from one to five people.

Have a great week.

Kim Easterbrook

Rental Property of the week

FOR LEASE  

7/5 Dickens Street, Elwood – $410 per week

What a top location in Elwood. This is a great apartment that boasts a desirable entertaining area! Features a contemporary kitchen with stainless steel appliances, plenty of cupboard space. Open plan living and dining area that flows out onto the spacious courtyard. Large bedroom with built-in-robes, spacious bathroom with laundry facilities, secure entrance and basement car park for one car. Privately situated at the rear of the complex. Fantastic location and only minutes to Acland Street, Elwood Village and the beach!

Please call the office on 03 9592 1122 if you are interested to view.

Refer A Friend…

and Receive a $200 Voucher to Stokehouse.

Refer a friend to our Buyer Advocacy or Property Management services and enjoy a $200* voucher to Stokehouse Restaurant for a relaxing lunch or dinner by the Bay in St Kilda.

Please contact our team on 9592 1122 or email admin@elitebuyeragents.com.au

* Offer applies to a referral that leads to the engagement of our services.

Foodies SF

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