Property Update – June 2021
It’s business as usual in the real estate space as Melburnians embraced online auctions over the weekend with 1,272 properties up for sale and preliminary clearance rates clocking in at 76.5 per cent. The corresponding week in 2020 told a different tale with just 175 auctions held and a 65.5 per cent clearance rate. Lockdown or no lockdown, we’re quick to adapt!
Eton agents have been experiencing an increased inquiry level from purchasers transacting in the top-end of the market and forward-thinking investors showing some serious intent in desirable inner-city locations. A combination of ultra-low interest rates, strong consumer confidence, and buyer urgency continues to drive the Melbourne market with house prices soaring another 2.2 per cent in May.
As expected, the Reserve Bank maintained the cash rate at 0.10 per cent, supporting a recent Finder survey that revealed 76% of finance experts and economists expect the cash rate to hold until at least the end of 2022. With mortgage rates at record lows, now is the time to buy.
Visit our Projects page for our current listings.