Market Update 5th May 2020
By Advantage Property | 5th May 20
The Melbourne market continues to adjust to the new market conditions as well as the new way of doing business. Sydney has already seen some of the social distancing measures relaxed including open for inspections and auctions returning. Will this happen in Melbourne soon?
The NAB bank predicted that Melbourne property prices could drop by 30% over the next 2 years in a worst case scenario for our recovery. We are recommending clients sell now if they are looking to sell in the next 2 years as we are expecting the market to see a correction of around 10% or 30%. It will be dependent on the unemployment rate and the economic conditions. The NAB predictions are a worst case scenario in my opinion and our Vendor Advocacy clients are getting their properties on the market now and selling before market conditions deteriorate.