Market Update 30th June 2020
By Advantage Property | 30th Jun 20
Melbourne’s property market achieved a consistent 66% clearance rate from an increased number of 425 auctions last weekend. Auction numbers will continue to increase in the coming months as more vendors become confident with the current market conditions and results at auction. Melbourne has seen an increase in Covid-19 cases however these seem to be predominantly contained in certain Hot Spot Suburbs and there has been no mention of imposing further restrictions on the Real Estate industry's auctions and opens.
I was thrilled to be part of a property webinar hosted by Cornwalls with a panel of experts and discuss the current market climate here in Melbourne and future predications for hot spots and factors to consider moving forward. If you weren't able to listen to the webinar live, please CLICK HERE to listen to our tips and market predications.
Melbourne’s top end market continues to be as solid as a rock as there have been over 10 sales ranging from $13.7 million up to a high of $23 million this year. There continues to be strong demand in Toorak which has the highest sale of $23 million and multiple other high end sales in the area as well as in Brighton and they are leading the way with other suburbs including Portsea, South Yarra, Shoreham and Armadale. The top end of the market continues to be able to survive the Coronavirus storm strongly at the moment having $10 million plus sales.