Monthly Market Update - May 2020
By | 10th Jun 20

The last month has seen unprecedented times in our economy and this has naturally affected the Melbourne property market although this hasn’t stopped the Melbourne property market from seeing some great results. There was a record house price in Byrne Avenue, Elwood where the property sold over $6.5 million, beating the previous record of $6.55 million in Dickens Street. There was also  the second highest sale price in Brighton with a Martin street beach front property selling for $19.8 million. The top end of the market seems to be weathering the turbulent economic times quite well as well as the first home buyer end of the market.

First Home buyers have a great opportunity to get into the market while rates are low and there is less competition with many investors deserting the market. Melbourne’s March median house price showed a high of $890,000 for the March quarter and the median unit price was $640,000. Property prices have held their own as stock levels are still down by around 40% compared to previous years.

There has been some lifting of restrictions now including the number of people able to attend auctions and open for inspections being lifted to 20 people from 10 people. Agents are able to do their job easier as at one stage, both opens and auctions were banned all together. This will hopefully have a positive impact on the market with more buyers able to attend inspections and auctions which will no doubt be a positive for property prices. There is talk that some smaller banks may offer interest rates with 1% in front of them which would be a record all time low.