The Bayside Market Wrap - 04/07/2020
⚡️Thanks for tuning in this week lets take a look at what happened this week in the local property market!
This week we saw one of the largest increases of new property listings for 2020 across Bayside. Buyer activity hasn't gone unnoticed as sellers prepare to make the most of this shifting market.
This significant boost saw just on 20 new listings across Highett, Moorabbin and Cheltenham in the past 7 days.
Despite the media headlines, we are still yet to see any real effect from the COVID outbreak, however. Typically, the property market has a delayed reaction to most economic fluctuations.
The Victorian median house price fell by 1.1%* in June, which is a reasonable outcome considering what's happening around the nation. Experts predict this minimal decrease to be supported for the most part by the job seeker/keeper stimulus coupled with the temporary suspension of thousands of mortgage repayments.
Apartment construction approvals fell in May by 34%**, with new immigration into the country down to zero, it appears that the apartment market is well supplied for the foreseeable future.
The outlook for the coming weeks is still positive as we rapidly progress into the new financial year. Buying families are still attending private appointments and are out in full force each week. Sellers who are visible to the market are finding results in shorter than anticipated time frames, while those waiting in the wings off-market are at risk of missing out on the current market momentum.
Victorian Auction Clearance Rate - 68%
🌞 I hope this has been a valuable addition to your week, please feel welcome to email me at email@example.com if you have a question about the local market and until next time I look forward to seeing you out and about in the community!
Mitch - 0478896986
Sales for the week in the community