Weekly Property News Oct 16 – Oct 23 2020

Dean O'Brien Director of OBrien Real Estate

It’s “Victoria On The Move” again

Hi Guys, it’s Dean O’Brien from OBrien Real Estate with another edition of the Property News for 2020 where real estate information is on the house.

Its “Victoria On The Move” again. The Vixens won the netball grand final, Melbourne Storm are in another grand final week, we have Richmond and Geelong playing off in the AFL grand final and we are very close to being living a “covid normal life” with substantial restrictions being eased back over the next few weeks.  With last week’s easing of restrictions, the big news for real estate is it means on-site auctions can now return to Metro-Melbourne with up to 10 bidders allowed at the auction.

Melbourne Real Estate activity really ramped up this last week and expect to see that trend continue with 1213 sales across the state up from 34% from 3 weeks ago which can be directly attributed to private inspections being allowed once again in Metro Melbourne. Victoria also saw a substantial increase in scheduled auctions this last week, with 188 homes taken to auction, up 218% on last week and we can expect to those numbers to flourish, the same time last year we saw 915 auctions occur in Melbourne.

OBrien Auction TV held 3 online auctions mid-week with 2 selling and 1 passing in. And you can expect to see the odd auctioneer this weekend donning a Richmond, Geelong or even Melbourne Storm footy jumper this weekend getting into the footy finals spirit that Melbournians love.

Specifically, the numbers across OBrien saw 105 new listings go to market, with 95 properties under contract, and 87 sales. And in the last 2 weeks, we have seen over 200 people enter our “Sell With OBrien” competition to win 1 of 3 prizes with the major prizes being a Volkswagen Polo, the competition lasts until 29 January and all you need to do for your chance to win is launch your property onto the market during that time.

OBrien Real Estate property news October 16 2020

Here’s the major news that broke this week that reflects today’s market:

  • Aussie shares hit a 7 month high this last week. Is property poised to follow?
  • A sign of activity ramping is up is the sales of private new detached rising by 3.8 per cent in September to be up 28.9 per cent over the last quarter.
  • There are currently 183,120 homes being built across Australia and as you can expect due to Covid this is the lowest number in 6½ years. However, we expect to see those numbers flourish particularly with the exponential new home sales growth the US is currently experiencing.
  • Nationally Employment fell by 29,500 in September and in Victoria unemployment sits at 6.7 per cent.
  • Consumer confidence hits a 20 week high with the ANZ-Roy Morgan poll recording a 50.2 per cent increase in confidence since March 29.
  • The finally the Reserve bank governor Dr Lowe signalling a rate cut is possible with him saying “As the economy opens up, though, it is reasonable to expect that further monetary easing would get more traction than was the case earlier.

That’s all for this week, I’m Dean O’Brien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice
in relation to your unique circumstances.

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