Melbourne apartments sold for a loss as lockdown spooks vendors – The Australian Financial Review

In Parramatta 15.9 per cent were sold for a loss; in Ryde and Strathfield it was 13.5 per cent.
Nationally, the portion of loss-making sales rose to 12.3 per cent, 1 percentage point higher than the previous quarter.
CoreLogic principal Eliza Owen said the recent rise in coronavirus cases were likely to push these numbers higher.
“Home prices in Melbourne had already declined by 2.3 per cent in the June quarter, so it’s highly likely that there will be an increase in the portion of loss-making sales in the metropolitan area over the coming months,” she said.
Despite potential losses, Melbourne vendor Tim Grimshaw auctioned his home earlier than planned amid worries the lockdown could further spook buyers.
“Our auction was planned for this Saturday but our real estate agent suggested we should move it forward as he had seen the writing on the wall and anticipated what’s going to happen,” Mr Grimshaw said.
“Our agent and auctioneer, Blayze Fatchen of Ray White, said we might not have anyone turn up to the auction and not get any offers at all, so we decided to go to auction on Wednesday because we already had some interested buyers.
“We’re very happy with result, given the current climate. It feels like a big stress has been removed. I think it was the right call.”
It’s a call a growing number of vendors were making since the second lockdown was announced, said Melbourne buyers’ agent Cate Bakos of Cate Bakos Property.
“We’re seeing a number of vendors scrambling to bring their auction dates forward. We just bought two properties from vendors who did that,” she said.
“Although, I think some buyers will opt to sit it

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