Market Update 15th June 2020
By | 16th Jun 21

The recent lockdown has been no handbrake to a hot auction market. Lockdown has not slowed the market one bit as the clearance rate was one of its strongest that we’ve seen being 96% from 565 auctions. A number of properties sold sight unseen in Aintree Road, Glen Iris and Rosemary Drive in Croydon Hills as we had clients interested but the properties sold without buyers even inspecting them. 

Buying properties off market continues to be one of our strongest strategies to avoid the heat of this auction market. We purchased a property in Stawell Street, Coburg for $1,100,000 and an inferior property in the street just sold for $1,250,000, $150,000 more with strong auction competition.The villa unit market continues to be red hot with first home buyers. Our vendor advocacy client sold a 2 bedroom villa in Norfolk Street, Maidstone for $680,000 after we purchased it through our Group Blocks strategy only about a year ago for $435,000, giving them a massive windfall and profit.