22nd June 2020 / Rob Fletcher: Market Update | 20 & 21 June 2020

Following several double-digit spikes in the number of confirmed cases of coronavirus, Premier Daniel Andrews was forced to delay a further easing of restrictions over the weekend.

Auctions and open for inspections, which were set to allow up to 50 attendees on site from today, will now remain at a limit of 20 patrons, along with restaurants, pubs, cafes, gyms and cinemas.

Outdoor gatherings will now be limited to 10 people, with visitors to your home limited to a maximum of 5 people, from today.

The Victorian Government has also extended the mandate for those who can work from home, to continue doing so until at least the end of July.

'As we've seen across the world, this virus has the ability to turn a few cases into hundreds in a matter of days. That's why we also need to delay an increase to gathering limits,' Mr Andrews said.

With restrictions on auctions and open homes extended for another three weeks, AMP Chief Economist, Shane Oliver, says the real test of Melbourne's property market would be in October, once the Spring market was in full swing.

Fortunately, low interest rates, mortgage deferments and the JobKeeper and JobSeeker benefits from the Federal government have helped keep the market buoyant, he said.

Our Fletchers agents were pleased to see a strong level of buyer activity over the weekend, with several auctions seeing as many as 5 or 6 bidders compete on the day.

One such example included a 3 bedroom, 2 bathroom contemporary weatherboard home at 63 Main Street, Blackburn. Selling under the hammer by Fletchers Blackburn Director and Auctioneer, Ben Williams, the property attracted the attention of 6 bidders; pushing the price a remarkable $306,000 passed reserve and selling for $1,636,000.

Results. It's a Fletchers thing.