Property Update – December 2020
The post-lockdown market is looking more attractive every day with Melbourne’s preliminary auction clearance rate over the weekend spiking at 73 per cent. With interest rates at record lows plus an enticing range of government stimulus measures to choose from, fence-sitters have become active players.
In particular, downsizers and market entrants have been buoyed by the Victorian Government waiving 25 per cent of stamp duty on existing homes and up to 50 per cent on new homes worth up to $1 million, both for the remainder of the financial year.
Further, REIV’s Days on Market October report revealed that the average Victorian home is spending just 33 days on the market before being sold, the lowest recorded since 2009. Now is the perfect time to buy with new properties entering the market every day.
As another year draws to a close, the Eton team wishes all our clients, associates, friends and family a Christmas to remember followed by a happy and healthy New Year! To view our latest market listings, visit our Projects page.