Market Update 23rd June 2020
By Advantage Property | 25th Jun 20
Melbourne’s property market achieved a consistent 67% clearance rate from an increased number of 350 auctions last weekend. Auction numbers will continue to increase as more vendors become confident with the current market conditions and results at auction. Though there is the usual doomsayers predicting 30 % price corrections for Melbourne’s property market in the future, just as they predicted incorrectly in the last recent downturn when prices corrected by 10%. I am excited to be sharing my views about future Hot Spots and setting the record straight about the property market’s future in today's free webinar from 11.30am to 1pm with Cornwall’s Law. I will join other property experts to discuss the state of play in the property market now and our predictions into the future. Click here to register for the free webinar and you will also be able to watch the webinar at another time if you are not available today to watch it live.
In good news for vendors and real estate agents, Daniel Andrews did not impose further restrictions on the Real estate industry. There were fears that auction and open for inspection numbers might be reduced again from 20 but this has stayed the same which is encouraging more vendors to auction as we saw around 500 auctions over the weekend. This is compared to only about 100 auctions when they were running virtual or online. This will continue to increase as restrictions further ease into the future.