Ray White Mordialloc

It was such great news that Victoria has dodged New South Wales’ high case numbers and the lockdown Melbourne experienced in July had less of an impact than the June lockdown. As a result, the number of properties for sale overall were up 10% in July compared to the previous month. The lockdown did mean a short term drop in properties for sale in Victoria, particularly due to the heavy restrictions but the decline was shorter lived. Even while the lockdown was in place, active bidders at auction hit particularly high levels and the gap between highest prior offer and price sold at auction remains high. This level of competition is likely to mean that prices are maintained. Unlike last year, price growth is moving to middle ring suburbs of Melbourne, particularly unit markets. This is likely due to emerging affordability challenges as a result of very high price growth since the start of the year. Outer suburban areas continue to do well, people are still looking for more space, and are considering how time at home can be made more comfortable. We are not seeing the same spike in volume of properties coming to market that we would usually see as we move into Spring. Competition from buyers is fierce and with comparatively low stock on offer, it means sellers who come to market now are achieving above expectation prices. Whether you’re buying, selling or, investing, be it your first home or upgrading – we warmly invite you to get in touch and experience the Ray White difference for yourself. Greg Scherwinski Ray White Mordialloc WHAT’S HAPPENING IN OUR MARKET?