20th July 2020 / Rob Fletcher: Market Update | 18 & 19 July 2020

Victoria's second weekend of stage 3 lockdown restrictions saw buyers and sellers continue to adjust to new conditions in the market, with Melbourne recording its highest number of online auctions over the weekend.

Slightly down on the previous week, Victoria's auction clearance rate of 82% continues to show strong signs of market resilience, with the volume of auctions and private sales amounting to $265 million.

In the wake of the second lockdown, REA Chief Economist, Nerida Conisbee, presented several key trends for property this Winter, following a particularly positive month for the market over June.

Fortunately, buyers continue to remain active online, with 'the number of home buyer searches on realestate.com.au [continuing] to surge and is now up 72.5% from the lows experienced at the end of April,' she said.

Similarly, REIV President, Leah Calnan said the Victorian property market has displayed true strength during the COVID-19 epidemic, with the latest quarterly median prices showing that 'the market is in a much better shape than it was in 2019 across all property types'.

Holding firm against all predictions, 'house values in Metropolitan Melbourne fell by just 3.5% over the June quarter, following 4 consecutive quarters of continuous growth.'

New records have also been set for houses and units sold by private treaty, with properties sold by this method up by 7.6% and 3.4%, respectively.

In Fletchers news, Senior Associate, Rino Presutto, was thrilled to sell the 3-bedroom, 2-bathroom, delightful downsizer at 1/24 Power Street in Balwyn on Saturday. The new owners of this single level villa can look forward to enjoying the low maintenance living and walking distance to shops, eateries and public transport.

Results. It's a Fletchers thing.