15th June 2020 / Rob Fletcher: Market Update | 13 & 14 June 2020

A further easing of COVID-19 restrictions is set to take place on 22nd June, which will allow up to 50 people to attend public auctions and open for inspections.

AMP Capital Chief Economist, Shane Oliver, said 'the longer, slower pace of the easing of restrictions' was 'having an impact' on the industry, with 'Victoria's economy [lagging] a little bit compared to NSW'.

Despite this, consumer confidence seems to be back on the rise, with the Melbourne Institute and Westpac Bank Index of consumer sentiment climbing for its second straight month in June by 6.3%.

Interestingly, the latest data from CoreLogic has revealed a rise in new listings and property sales across Australia in May, with a 22.4% increase in new residential listings on the previous 28-day period.

Last month, Fletchers multi-award winning website recorded a 20% increase in buyer activity, with our agents also reporting a significant resurgence in attendance at auctions and open homes, whilst adhering to current restrictions. For the same period between April and May, Fletchers also reported a 17% increase in property transactions.

Coupled with record-low interest rates, significant increases in buyer search data and improved consumer sentiment, we expect Melbourne's property market to continue to swing back into action for the remainder of the year.

In Fletchers news, 18 Liston Street in Glen Iris was among the 296 auctions which took place across the state over the weekend. Originally listed for $1,475,000, the classic 1950's weatherboard home saw 4 bidders compete on the day, selling under the hammer for a remarkable $1,900,000.

Our congratulations goes to Michael Richardson and Michael Rosano from Fletchers Glen Iris on the wonderful result they achieved for their vendors.

Results. It's a Fletchers thing.