This year started with great optimism in the Melbourne property market.
However, COVID-19 is shaking the world’s economy and the Australia property market took an unpredicted turn.
Buyers that were out and about looking for homes are now retracting, waiting for a good opportunity in the market or the economic upturn.
This reduced market competition, could possibly mean a good opportunity for buyers.
We have also observed a decline in new listings, reducing the stock in the Australian Property Market.
With less supply and less demand the housing market is giving early signs of a downturn.
However, there are some areas of Melbourne where listings are rising and others that are falling.
The Property Market doesn’t work in a linear way and is very particular for each area.
A recent article on Domain shows the listings of Melbourne suburbs that are rising and some that are falling.
New listing falls – Melbourne
| YoY (March 23-April 19) | |
| Manningham | -47% |
| Mornington Peninsula | -29% |
| Macedon Ranges | -27% |
| Yarra Ranges | -25% |
| Phillip Island & Districts | -18% |
Source: Domain. Annual change from 23 March to 19 April 2020 compared to same period last year. New listings are based on Domain internal data sets and is accurate to the best of Domain’s knowledge. New listings may include re-listed properties and some listings include more than one property. New developer and unestablished listings are excluded.
Source: Domain
New listing rises – Melbourne
| YoY (March 23-April 19) | |
| Maroondah | 30% |
| Knox | 22% |
| Boroondara | 22% |
| Bayside | 20% |
| Stonnington | 11% |
Source: Domain. Annual change from 23 March to 19 April 2020 compared to same period last year. New listings are based on Domain internal data sets and is accurate to the best of Domain’s knowledge. New listings may include re-listed properties and some listings include more than one property. New developer and unestablished listings are excluded.
Source: Domain
For buyers that are looking to buy a property in the next few months, having access to off-market properties can work to your advantage.
With less houses for sale in the Mornington Peninsula, you might be competing unnecessarily, due to more people looking at the same houses.
If you are looking to buy in the Mornington Peninsula and you want to access to more properties and pay a fair price for your purchase, we are buyer’s advocates that facilitate property ownership.
[…] the lack of stock remaining low or even lower. We have observed a rapid growth in prices, making it unaffordable for a lot of first home buyers […]