In true Melbourne style, the first day of winter is a cold and wet day.   Historically, this also results in a decline in the number of properties for sale and some buyers disappear and await for Spring to purchase.

We are hoping this year might be a little different as we are currently experiencing a shortage of quality properties due to the uncertainty the Covid-19 pandemic created.  I would encourage vendors with high quality properties who are considering selling to put their properties on the market.

Over the weekend, there were a number of auction results that sold well in excess of the reserve price. 104 Middlesex Road, Surrey Hills is a two storey, four bedroom house volume built home sold for $2,491,000.  8/28 Power Street, Toorak sold for $656,000 with 7 bidders.  20 Alfred Street, Prahran sold for an undisclosed amount with 4 bidders.  The list goes on.

As cafe’s and restaurants start to open today, it seems the easing of restrictions is also increasing confidence in the Melbourne property market.  The number of auctions is now on the rise and the number of transactions last week was 347.  However, this number is still well down on last year.

On another exciting note, we are officially opening our Geelong office today which will service Regional Victoria including Geelong, Ballarat and surrounds.  Vicky Whittaker will be managing the team who is a resident of Geelong and a very experienced Buyer’s Agent.   Looking after both Investors and Owner Occupiers, Geelong and Ballarat have fabulous capital growth prospects and offer higher rental yields that can be achieved in Melbourne.  Please call the office on 03 9592 1122 to find out more.

Have a great week.

Kim Easterbrook

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