21st December 2020 / Rob Fletcher: Market Update | 19 & 20 December 2020

Victoria's road to recovery has seen demand flooding back to the market this month, setting up for a solid start to the New Year.

According to CoreLogic, housing values rose across every capital city in November, with property prices set to surpass their pre-COVID highs early next year. 'If housing values continue to rise at the current pace, we could see a recovery from the COVID downturn as early as January or February,' CoreLogic's Head of Research, Tim Lawless, remarked.

Another positive trend coming out of lockdown has been the sharp rise in activity from first-home buyers, with many reports that both couples and singles have used this time to boost their savings and secure themselves a house deposit.

'The biggest thing I've seen this year with Victoria's lockdown has been the ability, especially among first-home buyers, to be able to put money away into their house deposit savings. I've had a lot of clients who were hoping to be able to save enough to buy something later this year or next year. But with the extra savings they've made during lockdown, they've been able to bring that forward a bit,' said Sarah Thompson of Loan Market Geelong.

Over the weekend, Fletchers achieved a very strong auction clearance rate of 83.87%, selling a remarkable 27 properties across our office network on Saturday alone. Marking a busy weekend for our agents, some properties attracted more than 6 or 7 bidders on the day, with our highest sale going to 55 Dempster Avenue in Balwyn North, selling under the hammer for more than $2.5 million with thanks to Fletchers Director & Auctioneer, Daiman Kane.

'Well done on another great day today - with so many multiple bidders. It certainly looks like we are in for a strong start in the New Year,' said Fletchers Executive Chairman, Rob Fletcher.

Success. It's a Fletchers thing.