Monthly Market update November 2020
By Advantage Property | 3rd Dec 20
It has been an interesting time for the Melbourne real estate market with the real estate industry effectively being shut down with inspections and auctions not able to occur. The market has made a strong return since inspections have been able to commence and now that auctions have returned. The clearance rate has remained strong although this is still being supported by low stock levels, particularly in the family home market.
The rental vacancy rate is sitting at around 4.4% which is the highest rate I can recall. It is nearly a 100% increase from 12 months ago and now many of our vendors in the inner city suburbs such as Melbourne and South Bank are finding their properties are remaining vacant for weeks at a time.
As we close out 2020, many vendors are trying to get their property on the market before Christmas and we expect to see an increase in stock levels. It will be interesting to see if the Melbourne property market quietens down over the Christmas and New Year period as it typically would.