Monthly Market Update August 2020
By | 26th Aug 20

Well it has certainly been interesting times in the Melbourne property market as this is the first time in my lifetime that we have seen the property market essentially shut down with the Stage four lockdown. No inspections of properties can be conducted for leasing or selling for the period of the lockdown. This has been a huge blow to many vendors who have got their properties on the market to sell or are just about to sell or landlords who need to lease their properties. We hope that we come out of stage four lockdown soon and that real estate businesses can continue to help people put a roof over their heads as there has not been one case of Corona Virus linked to the real estate industry.

 

Despite the Corona Virus times the Melbourne market continues to be as solid as a rock all things considered. The number of million dollar suburbs increased from 98 to 119 with Kingsville, Coburg, Box Hill South and Mitcham joining the other million dollar suburbs. Many of these new suburbs are middle suburbs as demand ripples out to these more affordable value for money areas.

 

Despite the pandemic the Melbourne middle suburbs recorded a number of suburb records including a house in Dwyer Street, MacLeod which sold for $2,344,000 which was well above the previous $2,000,000 record for the suburb with 6 bidders, mostly young families pushing the price well over the reserve. We also saw a house in Oliver Court Mulgrave smash the previous record with 5 bidders pushing the price up to $2,510,000. We are still seeing strong demand for family homes as there is an undersupply for family homes and agents are estimating there is around 50% lower stock than usual.