Market Update 24th August 2020
By | 24th Aug 20

Melbourne’s property market has slowed to a standstill as agents cannot take buyers through properties. There were also a large number of virtual auctions cancelled as there were 46 auctions cancelled due to the Stage 4 lockdown. Melbourne’s clearance rate was 63% from a very low number of 128 virtual auctions. This is extremely low compared to the 500 plus auctions we would normally see during the winter period.

 

Family homes continue to see solid demand as seen with a house in Lavender Park Drive, Eltham which sold for $2,330,000 which was $240,000 above the top of the range with buyer demand pushing the price well over the reserve. There continues to be very strong demand for A grade locations. A house in Glenmore Crescent Black Rock's golden triangle sold for $2,760,000 which was $200,000 above the top of the range. A number of bidders pushing the price well above expectations, as there continues to be an undersupply of family homes on the market.