Property Update – 4 August 2020

Melbourne’s property buyers turned their attention to online auctions over the weekend contributing to an impressive preliminary clearance rate of 61.1 per cent with 285 properties listed. The week before generated just 47.7 per cent.

Traditionally, June and July are the two quietest months in real estate, and the current Melbourne market is experiencing stock shortages in the inner-ring of suburbs where demand continues to be strong. Our team has noticed a buyer uptick in sought-after locations when quality product is available.

Just a reminder that off-the-plan purchasers may be eligible for the HomeBuilder package, a $25,000 grant applying to new homes of up to $750,000. In addition, transacting off-the-plan will afford buyers the luxury of extra time to settle the balance with a 10% deposit often enough to secure a property.

In the market for something new? With prices at affordable levels, visit our Projects page to view our market listings.