Market Update 7 September 2020

07/09/2020

2020 has been a year of significant challenges and change. Stage 4 restrictions have seen the Melbourne real estate market put on pause. At the end of July, Maroondah was continuing to see strong sales results and the days on market for well-priced and well-marketed properties was shorter than ever.

Just before the unwelcomed hiatus of Stage 4, Voglwalpole sold 25 Through Road Ringwood North within 6 days and above the asking price. We also had similar impressive results for 4 Merrilong Street Ringwood East and 1/3 Plumer Street Croydon, all which sold within one week of hitting the market.

The lack of stock available coupled by the strong sales results we were seeing before Stage 4 restrictions suggests that when restrictions are eased, it is likely that we will see a rush of eager buyers that have been waiting for the market to make its return.

No doubt, COVID-19 has been incredibly disruptive to our lives and the property market hasn’t been unaffected, but despite this, people still need to buy and sell homes. Buyer competition can drive up property prices in a hot market, but in 2020 this competition is helping to keep property prices stable.

If you have been considering selling your property, having your home ready to list once restrictions are lifted puts you in the box seat to capitalise on those buyers who are keen to act. We encourage you to get in contact with Karen (0438 072 370) and Donna (0421 997 827) who can advise you on the market, what you may need to do to get your property ready and how a campaign in this changing landscape may look.

Stay safe Maroondah xx