12th October 2020 / Rob Fletcher: Market Update | 10 & 11 October 2020

As Melbourne's property market gradually regains momentum, Corelogic has reported a 'striking turn in housing market sentiment', with significant increases in consumer confidence and new property listings over the past month.

Corelogic Head of Research, Tim Lawless, said 'with restrictions starting to lift and private home inspections once again permitted, we expect to see activity lift [in Melbourne] in October'.

Similarly, after releasing the quarterly median house prices for September, the Real Estate Institute of Victoria says that the 'Victorian property market has survived everything thrown at it in 2020', with results showing a new quarterly record for Regional Victoria at $442,500 for regional homes and house values in metropolitan Melbourne remaining strong, falling by just 1.7% over the quarter while recording a 7.4% annual growth.

'Despite six months of COVID-19, lockdown and moratoriums, the Victorian Property Market continues to prosper with properties remaining more valuable than they were in 2019,' REIV President, Leah Calnan, said.

During this time, sales by private treaty have also increased in popularity, with units in metro Melbourne recording a 0.8 per cent growth to a new record, surpassing $600,000 for the first time.

In Fletchers news, Senior Associate, Rino Presutto sold 2/124 Rochester Road in Balwyn over the weekend by online auction. The impressive 2-storey home enticed families and working professionals with its well-considered layout, sizeable living areas and fresh, contemporary presentation.

Success. It's a Fletchers thing.