Market Update 31st March 2020
By | 1st Apr 20

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My market update will be quite different from now on until Auctions return to the Melbourne market place. As of Wednesday the 29th of March the Prime Minister Scott Morrison announced that all auctions and open for inspections would be cancelled until further notice due to the Coronavirus fears. This sent agents into a bit of a frenzy to change their weekend auctions which totalled over 1400 auctions as it would have been a massive Super Saturday. These were all changed to either online auctions or reverting to a Private sale or Expressions of interest campaign. There ended up still being a total of 303 auction results with a clearance rate of 85% although auction numbers were reduced by around 75% from the scheduled 1400 auctions. 


We will see an increase in digital or online auctions as well as many campaigns converted to Expressions of interest campaigns which is what we are doing with all of our Vendor Advocate/Seller's Advocate clients. Buyers can still make private appointments to get through properties but having to make a private appointment versus just attending an inspection and having to organise it with the agents will reduce the numbers thru properties. We will also see a rise in the amount of people doing virtual tours to look through properties now. I would expect the services of Buyer's Advocates like ourselves to increase as we can go through inspections and take detailed photos and videos and give detailed descriptions to our clients without our clients having to attend an inspection. This has been how we have operated with hundreds of our international and interstate clients over the past 20 years. This will be a changing dynamic in the market place until the Coronavirus passes us.