17th August 2020 / Rob Fletcher: Market Update | 15 & 16 August 2020

Buoyed by strong levels of buyer interest, Melbourne's property market saw a 90% success rate for properties that went to an online auction over the weekend, according to Domain.

To date, Melbourne's stage 4 restrictions have weighed heavily on the nation's economy, with the Reserve Bank of Australia holding the official cash rate at 0.25% for the fifth consecutive month.

AMP Chief Economist, Dr Shane Oliver, believes that the Reserve Bank is still in a 'watch and wait mode' and suggests the next rise in interest rates could be at least another 3 years away.

'By maintaining interest rates today, this is sympathetic to the balancing act our economy faces. Once the likes of JobKeeper, JobSeeker, mortgage holidays and safe harbour do eventually come to an end there will be a seismic shock to the economy', he said.

Fortunately, the latest data from CoreLogic revealed that despite current restrictions, residential properties sold by private treaty continue to see strong demand across Victoria.

According to Smart Property Investment, research from the REIV 'found that houses spent just 41 days on market, down from 44 days in the same time last year.'

'Ultimately, the data proves that the Victorian residential housing market still remains highly desirable. Properties spending less time on market means sellers won't have to deal with the stress of a lengthy real estate transaction. This is a great time to sell your property – a relatively lower volume of property listings is producing strong prices and driving down the selling time' REIV President, Leah Calnan said.

In Fletchers news, Senior Associates, Michelle Yan and Ian van Eijk, successfully sold a boutique, modern ground-floor apartment in Wantirna over the weekend.

The flawlessly presented 2-bedroom 2-bathroom apartment drew attention from a range of buyers, from downsizers and first homebuyers to professional couples and investors. Complete with quality appliances, a stone breakfast bar and private north-facing courtyard, the property sold online after auction on Saturday afternoon.

Results. It's a Fletchers thing.