Market Update 28th July 2020
By Advantage Property | 27th Jul 20
The Melbourne property market had a 79% clearance rate from 242 reported online auctions. The market will continue seeing low auction volumes until restrictions are lifted again into the future. The Melbourne property market has gone through a rollercoaster ride since the last peak of the market in September 2017.
Since then we had seen prices come back slightly as the market corrected until last year’s election and then we saw prices increase dramatically until the coronavirus hit in around Mid-March. Since then we have seen more of a flattening of the market as the supply is lower and si is the demand so the supply and demand figures are fairly balanced at the moment. It is still more of a sellers’ market at present but this could shift as supply of properties increases coming into Spring.