Market update 8th September 2020
By Advantage Property | 9th Sep 20
Father’s day 2020 will remembered as a disaster day for the real estate industry as Victoria’s Stage four lockdown continues. No real estate inspections will be able to occur until at least 26th October and possibly later depending on new Covid case numbers. I spent most of Monday on the phone to our current Vendor Advocate clients and others who are waiting to put their properties on the market and many of them are struggling financially and feeling the pinch.
It is the toughest blow for the real estate industry and toughest time that we have encountered in 20 plus years in business. There is not much chance of someone buying or leasing a property without being able to physically inspect which is unfortunately what Daniel Andrews has made happen.
On a positive note, our Group Block purchases continue to get some great results and one of our repeat clients had another great result selling for $413,000 in Bakers Road, Coburg North. We purchased the property through our Group Blocks purchase strategy last year for $292,000 and they did a small cosmetic renovation and achieved a great profit.