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Property values are holding firm despite the pandemic

Information released by the REIV this week shows that Victorian property values are holding firm despite six months of the Coronavirus pandemic.

Not surprisingly, housing in regional Victoria showed significant growth for the September quarter recording a 5.1 percent increase and a 4.9 percent increase in total values over the last 12 months. The number of transactions increased by 15 percent over the previous quarter.

In Metropolitan Melbourne, transactions fell by 31 percent compared to the June quarter – not unexpected given the almost complete lockdown of the industry for two months - but despite this house values fell by only 1.7 percent, with 7.4 percent annual growth overall.

In the two weeks since our Melbourne metro offices have been able to carry out private inspections, we have seen extraordinary demand by buyers for appointments to view properties. There is a lot of pent up demand and with a current shortage of properties for sale, sellers are achieving prices that are usually within or above their indicated price range.

If you’re thinking of selling, we have tried and proven, safe and effective ways of getting you a really good result. We’d love to help you, so find your local Barry Plant and give us a call, or request an appraisal now.