20 July 2020
It certainly has been an interesting week with the cases of Covid-19 in Melbourne rising to levels which almost triggered a Stage 4 lockdown. At this stage, the government have not introduced Stage 4 restrictions however the wearing of masks will be mandatory from Wednesday night which means the real estate industry can still operate for the purposes of buying and leasing.
A clearance rate of 81% was recorded on the weekend on 188 auctions, in addition to this there were an additional 186 private sales. In June, the amount of auctions was triple the amount for May, being 1,540 auctions.
The REIV have released the latest quarterly median prices which is consistent with the Core Logic data that was released a couple of weeks ago. The median house price for Melbourne dropped 3.5% over the June quarter after four quarters of continual growth. Unit prices dropped 2.5% in the June quarter. This demonstrates even with the utmost uncertainty in the country that the Melbourne property market has remained very resilient. Regionally, houses prices remained stable however the median prices for units increased to record levels. We have also had multiple reports of suburb record prices being achieved at Melbourne auctions.
On the weekend, we were successful purchasing a property at auction in Carnegie which had 19 registered bidders. Another online auction we participated in also had very strong competition with 9 bidders registering to bid. Online auctions are proving to be successful for both vendors and buyers alike and allowing the industry to transact whilst limiting face to face contact.
Have a great week.
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