Ray White Aspendale Gardens

Real estate prices around Australia are lifting as confidence recovers. The spring season was unique not only for volume of sales but also the uniformity of outstanding results across each and every marketplace in Australia. The RayWhite Group recorded $5.71 billion in sales in October 2020, 30.7% up on the same month last year. While housing values have suffered because of our extended lockdown, November has seen theMelbourne property market rebound. We are experiencing a much higher list-to-sale ratio and this trend is being reflected in auction statistics. We had plenty of records in October, including auction day clearance rate at 65.8% and an average of 5.3 registered bidders per auction. On average, properties that sold at auction achieved a price that was 3.2% over reserve and 10% higher than the best offer received prior. Interestingly, while some markets have outperformed, if we take a more generalised perspective, prices are holding rather than materially rising. This is an interesting dynamic which historically has been a positive indicator of sustained market activity. It would be reckless for us to take anything for granted but summer looks to be starting with great momentum. If you’re thinking about making a move, keep calm and give us a call. We’d be delighted to arrange a no obligation, contact conscious appraisal of your home at a time to suit you. Greg Scherwinski & Jonathon Hannan RayWhiteMordialloc What’s happening in our market?