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Melbourne Property Market Report June 18 2020

Jarrod McCabe, director, Wakelin Property Advisory:

Hi, everyone. While we're starting to see a far more balanced and measured property market at the moment, there's a few more opportunities around, given that the supply is now starting to increase. Normally, this time of the year, we would be seeing supply levels decreasing as we went into the heart of winter, but we are seeing an increase due to the quieter times through April and May due to COVID-19.

It's interesting times, and it's a good thing from a buyer's perspective because there is starting to become a little bit more choice around, which has certainly been lacking. But from a vendor's point of view, there's a few more opportunities around methods of sale, as we're now able to conduct auctions with, well, coming up 50 people, and certainly more open houses where people are allowed to attend in greater numbers.

It's certainly allowing the market to get back to relative normality, which is great, evidenced by an auction that we attended on the weekend, 6/24 Mathoura Road, in Toorak. Very well attended in terms of numbers. Two bidders, and it's fairly typical at the moment that some of the younger single-home buyers or couples are still very active, and perhaps it's a bit of a hangover from earlier in the year, but they're still prepared to bid, and two people fought it out. It was quoted at $620,000 to $660,000, opening bid of $600,000 on the vendor bid from Nick Gatacre, the agent. Declared on the market at $630,000 so very reasonable within the quote range, and ended up selling for $645,000.

There's certainly still activity around, people are prepared to compete, we're conducting a webinar in the next week or two [12.30pm, Wed 24 June, register here], so keep an eye on social media, and obviously our website, too around some opportunities coming into the spring market, and also our expectations with a number of factors that are impacting the market, or potentially likely to impact the market as the balance of 2020 moves forward; so keep an eye out for that, and we'd love to see you in attendance at that webinar.

Thanks very much, and we'll speak to you soon.