5th October 2020 / Rob Fletcher: Market Update | 3 & 4 October 2020

With private inspections now permitted, industry experts believe home buyers could spur on a late selling season for Melbourne's property market.

According to Domain, 'buyers and sellers have barely 12 weeks – the time it can take for a property settlement – to make a move before Christmas, after private inspections resumed this week'.

With the late start to Melbourne's peak selling season a result of strict COVID-19 restrictions in Victoria, Real Estate Buyers Association of Australia President, Cate Bakos, believes many buyers have 'arbitrarily set Christmas as an emotional date for their property goals', with the large number of buyers and few properties on the market having left many with a case of 'FOMO'.

'Others have access to pre-approval and they're not keen on going through that rigmarole again,' she said.

NAB Chief Economist, Alan Oster, said that other Australian markets had fared better than first expected post-lockdown and suggested that the sudden increase in transactions could result in an uptick in house prices across October and November.

'There will certainly be a spike in sales,' he said.

In Fletchers news, Director & Auctioneer, Robert Sheahan was delighted to sell an attractive 3-bedroom home on a tree-lined corner with top-of-the-hill views of the Dandenong Ranges this month. The enchanting elegance of 8 Prenton Court in Wantirna was designed with 3 double bedrooms, a modern ensuite with floor-to-ceiling tiling and a recently installed 5.28kWh solar system.

Success. It's a Fletchers thing.