6th April 2020 / Rob Fletcher: Market Update | 4 & 5 April 2020

Originally slated to be a Super Saturday for Melbourne, the weekend drew a total of 302 sales across the state, with the majority selling via private treaty.

Following tough restrictions on how real estate agents can sell property during the COVID-19 epidemic, the market continues to adjust to its newfound circumstances in the world of online auctions and sales. In response to the public auction ban, Domain revealed that the 1,248 auctions scheduled for Melbourne on Saturday saw 65% change to private treaty and 6% to online auction, with the status of 18% unclear.

Reflecting on median house prices, CoreLogic Head of Research, Tim Lawless said, 'the extent of the impact on dwelling values remains highly uncertain. Capital growth trends will be contingent on how long it takes to contain the virus and whether additional constraints on business or personal activity are introduced.'

Although the longevity of the virus and long-term impact on the economy remain uncertain, industry experts believe that for the interim, housing values will be cushioned by record low interest rates, leniency from lenders and unprecedented levels of government stimulus.

In Fletchers news, Director & Auctioneer, Rob Sheahan, was thrilled to sell 4 bedroom, 2 bathroom family home at 4 Winchester Road in Nunawading for $1,050,000 last week. Impressively located near a selection of leading schools and high-quality shopping centres, the generously sized home featured an open fireplace, modern kitchen with stainless steel appliances and rear entertainer's deck with large spa and swimming pool.

Results. It's a Fletchers thing.