By Anthony Webb
It’s been a rollercoaster of a year for the real estate market, but it looks as though long-awaited property sales could come as an early Christmas gift for many Melbourne vendors.
With Victoria dipping in and out of COVID-19 restrictions, these changing circumstances have affected the number of days properties have typically remained on the market this year, with the pandemic leaving some vendors “stuck” with their listings for long periods of time.
However, as we enter December, the market appears to have well and truly turned a corner. We’re continuing to see good numbers at the auctions (with up to 50 people now allowed outdoors), so it does feel as though we are returning to a bit of normality.
The market is also heating up for properties around the 800k mark, with buyers seeking out the 50% stamp duty discount now available for properties under $1 million. From a confidence point of view, the stamp duty discounts are definitely making an impact for buyers, but we would like to see the finer details regarding eligibility released by the Victorian Government sooner rather than later.
It has truly been a year where all normal rules and expectations have been thrown out the window, but as confidence returns to the Melbourne market, sales for these lingering properties should be just around the corner.
You can read more about my opinion on the matter in this recent article: Long-awaited sales could come before Christmas for Melbourne vendors.