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Residential Property Market Recovery

Market Updates







In local property news we can report that despite early forecasts to the contrary, the residential market is demonstrating a strong level of recovery with significant demand from buyers searching to secure a property. 

The Real Estate Institute of Victoria's CEO Gil King, recently reported to members that strong fundamentals and an agile sector has meant that the property market has remained resilient despite 2020’s challenges. Recent Victorian data also reveals that property prices have remained stable and transaction volumes are back on the rebound.

Even with the increased listings coming to market over the past 2-3 months, in many cases, we are experiencing multiple buyers competing, resulting in higher prices and sales regularly transacting before auction.

This pent up demand is largely due to a number of key factors, the lack of available property on the market, record low interest rates along with government stimulus and temporary cuts to stamp duty (for those eligible), these are all contributing to the above average levels of buyer activity.

REIV records show that homes sold by private treaty are also selling fast, with homes in metro Melbourne spending an average of just 25 days on the market and 43 days in regional Victoria (October 2020) before being sold.

These insights lead us to expect this current market positivity to continue well in to 2021 and we expect steady levels of interest in Banyule property over Summer. 

To discuss your property needs or for more information about Miles Real Estate click here.

See our latest SOLD results click here.

To contact us or request an appraisal click here.

Phone enquiries:

  Ivanhoe Office 03 9497 3222

  Rosanna Office 03 9459 5666


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