Market Insights: September 2020


As Victoria's property market eagerly anticipates the impending easing back of Covid restrictions, we look back at the month that was for the industry and the Buxton network. 

Now in our fifth week of Stage 4 restrictions in Melbourne and Stage 3 in Regional Victoria, we hope you’re in good health and doing well at home. With only two weeks remaining under the current restrictions, we’re eagerly awaiting this weekend’s State Government announcements on the pathway out of lockdown, and are optimistic we’re now in the home stretch of the journey.

In saying that, we can certainly feel the market momentum building towards a busy pre-Christmas period. With transactions essentially on hold for what will be at least six weeks by mid-September, we are expecting a flurry of activity post-lockdown with both vendors and buyers taking advantage of the delayed start to the Spring season. Traffic through our website suggests interest in buying and selling property is high, and vendors and purchasers will act very quickly as soon as possible.

We may be under strict lockdown, but for vendors, there’s plenty that can be done right now to prepare your property for sale. Vendors will also want to capitalise on the low stock levels and high buyer demand that’s been building in the last couple of months.

Having put their real estate dreams on hold for six weeks and with plenty of time to do their research and get their finances in order, buyers will act quickly, and be out in force, when the market opens up.

Our property market has not taken the hit many expected. Sydney’s market, usually an indicator of what’s in store for Melbourne, has been performing well over the last few months with a high volume of properties going to auction, and strong clearance rates—we expect Melbourne’s market to follow suit.

The easing back of restrictions will no doubt mean a hybrid version of transacting real estate. While we don’t expect an immediate return to open inspections, we are very well prepared to continue doing business privately and virtually, and are ready to adapt to the next phase of post-lockdown life in Victoria.

We wish you and your families the very best for the remainder of the current lockdown.