Dean OBrien from OBrien Real Estate with another edition of the Property News for May 29, 2020, where real estate information is on the house. The re-booting of Australia has well and truly begun with schools starting the reopen this week and nationwide retailers like Myer reopening stores across the country.
We have for the last two weeks been seeing numbers in the real estate market move north and with stage 2 Easing Of Restrictions confirmed for Monday, June 1 this no doubt will further solidify the rise in consumer confidence.
The Numbers For The Week.
Looking at the numbers across Victoria as reported by CoreLogic, we saw 118 auction results captured with 33 selling prior and 52 selling under the hammer up from the 36 of last week, with 20 passing in but giving us similar clearance to last week of 72.03% From a private sale perspective we saw a 79 additional sales from last week with 928 selling.
Reviewing the numbers across OBrien Real Estate in Melbourne
Over the week we saw a strong lift in listings with 59 launchings to market, we had 65 properties placed under offer across our network, with 61 confirmed sales, and our highest sale price across the network was $5.6 million.
As reported on Friday last week the Federal Treasury and the Australian Tax Office revised down the expected cost of the JobKeeper Scheme which would be music to the ears of our Treasury. The Job Keeper Scheme is, of course, great support to businesses and employees but it’s great the worst-case scenario of $130 million in stimulus was not needed.
Home values for May will be released next week, and in our view, we’re likely to see house prices remain relatively insulated due to the low level of listings on the market, and presently contrary to some media speculation we are not seeing any signs of distress as yet in the housing market. The Australian Bureau of Statistics this week released construction data, with the sector down again for the March quarter – the third fall in four quarters, with the value of construction work down by 6.5 per cent from a year ago.
Residential building fell by 1.6 per cent in the March quarter – the seventh straight decline, down 12.5 per cent for the year. This could mean some good news for budding new home buyers with competition likely to intensify meaning better pricing for newly constructed homes. Thank you for taking the time to review the week that was in our market, and remember OBrien Real Estate is not a financial adviser, you should consider seeking independent legal, financial, taxation or other advice in relation to your unique circumstances.