Market Update 21st July 2020
By | 20th Jul 20

The Melbourne property market had a 81% clearance rate from 188 reported auctions with volume well below normal averages. The market will continue seeing effects of Corona virus with much lower auction volumes as auctions can only be on line now and inspections are back to private. 

You make money when you buy real estate well not when you sell. We were able to make another off market purchase of a block of units in Storey road reservoir for only $417,500 each. A similar unit just sold down the road individually for $581,000 and this will give our renovator/ developer client some great equity/profit from day one. 

Villa units continue to be in strong demand and we are seeing strong interest from first home buyers as well as downsizers. We purchased a block of units in Norfolk Street Maidstone for $435,000 each and after small cosmetic renovations, Our Vendor Advocacy client sold a unit for $648,500 with 6 bidders fighting for the keys. The purchase was secured by an investor just beating a downsizer.