Market Update 6th October 2020
By Advantage Property | 7th Oct 20
More Melbourne properties continue to hit the market as the restrictions being lifted have seen a number of vendors able to relist their properties on the market, although we expect there to be more supply in the next few weeks. Many of our own vendors are now still preparing their own properties for sale as they were unable to do this during the lockdown.
Buyers continue to be prominent at the First Home Buyers end of the market. This was shown with the sale of one of our Vendor Advocacy properties in Purinuan Road, Reservoir. The property didn’t have much interest prior to the lockdown although as soon as the lockdown was over, two First Home Buyers fought it out via a Zoom Auction for the keys with one buying the property for $629,000. This was a great result for our client who purchased the property last year for $409,000 thru our Group Blocks strategy. They had added instant value through a cosmetic renovation and adding more living area with another big outdoor courtyard.