The Bayside Market Wrap - 11/07/2020
⚡️There has been a staggering drop in new property listings this week across the local community, Highett, Cheltenham and Moorabbin had a collective total of only 12 new homes enter the marketplace in the past 7 days.
Buyer demand still remains strong for most property categories as more homes begin to sell prior to auction. Savvy buyers are taking advantage of the opportunity to bid early, knowing their competition could be slightly lower while others wait for a speculative price drop and continue to miss out.
Good news for sellers this week as the RBA decides to keep interest rates at their record low. The RBA Board said the 'nature and speed of the recover is highly uncertain,' so its likely government and interest rate support will be needed for some time.
One of the biggest concerns for sellers coming to market later in the year was the re-ignition of some 800,000 Mortgage repayments that are currently on pause until late September, however. This week the banks have said that they will continue to support those who need financial support for at least an additional 4 months. Homeowners in need will go through stricter qualification in order to extend their support this time around, however. The good news is those who are financially unable to service their loans will be supported rather than forced into a distressed sale scenario, which could severely affect the local property market.
New lockdown restrictions have been engaged across the state and it's one of the best things to happen in this industry for a long time! Watch the video above for more info!
Those who have a plan and a strategy for success will be able to navigate this market.
Victorian Auction Clearance Rate - 76%*
🌞 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