What’s in store for Melbourne Real Estate amidst lockdown 4.0

By Kimmy Malig | 11 AM Melbourne
03-06-2021

Amidst the latest lockdown we are experiencing, you might be wondering what is now happening with the Real Estate Industry in Melbourne? 

 

Let me bring you some trending news to the palm of your hand while you relax & sip your coffee. 

 

Everything is really getting more precious as well as the value of houses as reported by News writer, Rebecca DiNuzzo 01 June 2021, writer on realestate.com.au/news, “The length of Melbourne’s lockdown will determine any impact on dwelling values, an expert warns." 

 

And while improved economic conditions and low-interest rates continue to drive demand, CoreLogic research director Tim Lawless said if Melbourne’s lockdown was extended the city’s property prices could take a hit. 

 

The Real Estate Institute of Victoria revealed exclusively to the Herald Sun in April that Melbourne’s median house price had exceeded $1m in the first three months of 2021. 

 

CoreLogic’s latest Hedonic Home Value Index shows Melbourne home and unit values rose 1.8 per cent in the past month, while regional Victoria saw a 1.7 per cent rise.” 

 

“Australian home values have grown at the fastest monthly rate in more than three decades, as the nation’s property markets continue their rapid recovery from the COVID-driven downturn."  realestate.com.au/news Writer, Alanah Frost 1 April 2021.

 

National house and unit values increased by 2.8 per cent in March — the most in 32 years — with every capital city gaining at least 1.5 per cent, new CoreLogic data shows. The Melbourne market notably hit a new peak, with dwellings rising by 2.4 per cent last month and 4.9 per cent over the last quarter to reach a median value of $736,620.

 

” As proof of these house values getting higher, the Fitzroy North time warp sells for $2.5 million after a knock-out opening bid." Emily Power 31 May 2021 a Domain.com News Writer reported "This wondrous news that shocked almost everyone, how amazing the new way to bid. Due to the pandemic, this is held via Zoom which is very witty, Indeed thanks to Technology for as she reported, Zoom auctions, Zoom Pilates, quarantining and pivoting. Some things are now second nature to Melburnians, and the big result for an inner-north terrace at the weekend, contributing to a respectable clearance rate, shows a comfort at buying and selling real estate online during a lockdown." 

 

House-hunters participated in virtual auctions in unexpected numbers, taking the clearance rate to 70.8 per cent, compared with 60 per cent on this weekend last year. Of the 1047 auctions on Saturday, 741 sold and 83 were withdrawn. This represented a newfound foothold in the digital space by the real estate industry and a bullishness among buyers and sellers despite the circumstances. In-person auctions and on-site inspections have been banned under Victoria’s lockdown 4.0” Source: domain.com

 

There you have it the trending news and updates for Melbourne Real Estate, we are very happy to keep you up-to-date in the comfort of your own home during

#LD4.0

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