Weekly Property News – Week Ending April 17, 2020
Welcome to another edition of the Weekly Property News from OBrien Real Estate for 2020.
Auction results over the Easter long weekend is usually a subdued affair and last weekend was even more subdued with over 57% of public auctions converting to private sales due to the coronavirus. Corelogic reported 309 online auction results for Victoria with 96 selling and 213 non cleared leaving us with a clearance rate of 31.1%. Private Sales across the state was 614, and this time last year we reported auction clearance rates at 54.9%.
Now, let’s review the market for the week across the OBrien network
We achieved 53 new sale listings, 57 new offers across our properties, 49 confirmed sales and our highest sale price achieved across the network being $1.16 million.
For anyone that knows Maslow’s hierarchy of needs, it is basically a theory of needs for human motivation and it’s well worth you exploring online further as it is very relevant to us understanding what is and isn’t essential to our lives.
In Maslow’s theory “Shelter” is in the most important category of needs and hence a reason why Real Estate still remains an essential service during coronavirus.
Private Inspections of property is still allowed under the current “Stay at Home Directions”. Agents are able to show buyers and renters through our homes. At OBrien we are taking all the precautions necessary and following the rules of one-on-one inspections. Occupants of homes are now required to leave their home whilst an inspection takes place so as long they are leaving for one of the reasons permitted under the “Stay at Home Directions” for exercise, shopping for essentials, work/education or for care and other compassionate reasons.
Onto news for the week.
– The US announced a small business stimulus package of $250 billion on top of the already $2 trillion.
– Within Australia, the Job Keeper $1500 fortnightly wage subsidy was passed as law through Parliament for eligible employees and employers. The overall value of stimulus to date totals approximately $331.6 billion
– The national cabinet announced a mandatory code of conduct framework for commercial tenancies during last week, and the Victorian Government announced just this week a $500 million support package for tenants and landlords with legislation to brought to Parliament next Thursday.
– First home buyer data was released and the stats in February showed we hit a decade high of 9,734 first home buyers, representing 36.2 per cent of all owner-occupier loans.
– Coming up this Thursday is the release of the unemployment data and the Federal Treasury is predicting the unemployment rate to be around 10%, however without the economic stimulus our Federal Treasurer Josh Frydenberg has said unemployment would be at least 15%
– Stock markets have been rebounding around the world for the better part of 2 weeks and is now only down 17% year to date. Discussions around the world is occurring on the easing of coronavirus restrictions and already in Europe we have seen Austria and Denmark ease restrictions and there is talk the US is likely to ease restrictions by the end of this week.
– Lastly guys, we currently have many sellers and renters still needing to find their next home to move into and needing to do some within a strict timeline. We have found buyers and renters are still active in the marketplace and confidently transacting.
So, if you are considering selling or leasing your home, we can either provide you with a face to face appraisal at your home or if you prefer, we can provide you with a digital online appraisal through video conferencing.