Market Update 9th May 2020
By | 10th Jun 20

Melbourne’s property market achieved a 70% clearance rate from a small number of 123 auctions, however I think the auction numbers will increase now that the restrictions have eased to allow up to 20 people at auctions. Although many of our Vendor Advocacy clients are preferring to go down the private sale or Expressions of interest path while auction numbers are still limited.

There has been a lot of discussion around the governments new stimulus package which is aimed at boosting the construction industry and trades industry. There will be a $25,000 grant for any applicants who build a new home up to $750,000 or those that do major renovations over $150,000 up to $750,000. However there are many arguing that they could have probably put that money towards assisting First Home Buyers to get into the market rather than assisting those who can afford at least $150,000 on renovations.