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Regional Victoria producing some strong sales results while Melbourne’s property market remains in hibernation

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Melbourne’s property market remains quiet but some properties that were listed pre-lockdown have sold and the odd property selling where the buyer has purchased sight unseen.  New property listings are down 50% which is not surprising.  Property prices have remained stable and the property market balanced due to many buyers and sellers holding off transacting until the property market reopens again, hopefully in two weeks’ time.

One auction that did occur on the weekend was the online auction of 1 Douglas Avenue, Box Hill South.  The auction attracted four bidders with the property selling for $82,000 above its reserve for $1,052,000.

Regional Victoria has remained active (albeit listings on the lower side than normal) with  Stage 3 restrictions allowing private inspections.  According to some selling agents, there has been an increase in enquiry from Melbournian’s wanting to move to the country and also an increase in first home buyers, particularly in Geelong, wanting to purchase a home with the option to commute to Melbourne for work.

In Geelong, two ‘renovator delights’ sold well above reserve at auction over the weekend.  One being in Belmont and the other in Geelong West.  Geelong West has been highly sought after for many years and Belmont an up and coming area and popular due to its affordability and access to good schools.

79 Isabella St, Geelong West sold for $602,500 in a marathon 45 minute auction which sold $130,000 over reserve.  The house was not even liveable whilst 62 Oberon Drive, Belmont (another renovator’s delight) sold for $40,000 over reserve.

Have a great week.

Kim Easterbrook

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