Market Update 15th December 2020
By Advantage Property | 16th Dec 20
The \Melbourne property market continues its comeback after lockdown. Melbourne’s clearance rates have consistently been over 80% since the property market returned to normal business in Melbourne. The weekend’s clearance rate was 80% from a larger volume of 803 auctions. Melbourne’s rental market is now struggling as there are now 27,000 vacant rental properties which is approximately more than double the number there were last year at the same time.
House prices have bounced back in November despite the recession. There has been a sense of urgency and we have seen FOMO back (fear of missing out) as many buyers are pushing harder. This is pushing property prices hundreds of thousands of dollars above their reserves with vendors now trying to get their properties on the market while stock levels are low.