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Resilient Inner-East Market Thrives In Changed Selling Conditions

It’s been a testing time for the real estate industry as we unite with Victorians against the spread of COVID-19. The good news is the property market, on a stand-alone basis, remains resilient. We have plenty of eager buyers wanting to take advantage of record low interest rates and government grants. Our challenge is little or no supply of homes for sale.

As the market navigated through rolling restrictions this year, limited supply has ensured prices remained stable. One-on-one home inspections kept the market active, with online auctions and private sales connecting motivated sellers and buyers. In the weeks and days prior to the implementation of Stage 4 restrictions in August, we were selling $3-$4 million homes throughout Boroondara, including Deepdene, Mont Albert and Surrey Hills – a testament to the strength of the top end of the market.

In June, we sold a stunning five bedroom renovated heritage home at 36 Churchill St in Mont Albert for $3.4 million. Earlier, a charming five bedroom home in Florence Road in Surrey Hills was sold by our team for $3.38 million.

We expect to see a flurry of activity once restrictions lift. Buyers are keen to see new properties for sale as vendors grab the opportunity to showcase their properties in the spring sunshine. We anticipate an immediate lifting of positivity and enthusiasm that will flow through to sales.

First home buyers are eagerly awaiting new apartment listings in Hawthorn and Hawthorn East. We’re the no. 1 rated agency with the no. 1 rated agent (according to RateMyAgent) in these highly desirable suburbs and we’re keen to help these buyers secure their new home before the end of the year.

With a delayed start, the spring season should stay active all the way up to Christmas. It may be an unprecedented year for real estate, but the fundamentals haven’t changed. If you present your home well, price it competitively for the market and adopt the right sales strategy, your property will sell well. Buyers in the current environment are keen to act, not just browse.