News

Middle and outer suburb listings rise as property market shows signs of life

19 June 2020

There are some mild signs of improvement in Melbourne’s property market as COVID restrictions ease and new listings rise.

There is still plenty of hesitancy from vendors amid the economic uncertainty, especially from those in inner-city areas.

In fact, in inner-city Melbourne, listings have risen by just 1 per cent over the past month, while listings in outer suburbs were rising faster.

Glenn Bartlett from Woodards in Melbourne told Domain that demand was higher than supply, which was keeping prices steady.

“The market is still price-sensitive,” he said.

“If a property is priced 5 per cent over where it should be, it will struggle to sell.”

In areas like South Yarra, Kay & Burton director Michael Armstrong said vendors were becoming less keen to sell off-market.

“Off-market listings have become almost too difficult for a lot of buyers because of the lack of transparency,” he told Domain.

Mr Armstrong said he has noticed a gradual lift in listings but doubts it is because there are more vendors in financial distress.

Listings in the middle ring suburbs like the Whitehorse area have risen faster, by around 10 per cent over the same month.

Auctioneer from Fletchers Canterbury, Tim Heavyside, spoke to Domain said vendors were coming out of the woodwork with more confidence and expects listings to continue to rise.

“Vendors and buyers are just feeling a little more comfortable now,” he said.

“But there’s still more buyers than sellers,” he told Domain.

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