Market Update 14th July 2020
By | 14th Jul 20

Melbourne’s property market continues to show its resilience with a 88% clearance rate from 220 auctions. Though auction volumes are well down on previous years as auctions can only be on line now as stage 3 restrictions were reintroduced last week. 

Melbourne’s property market is continuing to be propped up by the lack of quality stock on the market. This was seen on the weekend with the sale of a 3 bedroom updated family home in Trinian Road, Prahran which sold for $2,300,000 which was $350,000 over reserve with 5 bidders. This again demonstrated that we don’t have enough family homes in Melbourne and we have too many families that are needing to upsize or downsize.

In good news for First Home buyers, the government has reintroduced the home loan deposit scheme where they can purchase a property with only a 5% deposit. This will save many First home buyers many years of saving up for a 20% deposit as the government will guarantee the lenders mortgage insurance and save many home buyers approximatly $20,000.