Melbourne property in Prahran and Spotswood drops in price amid COVID pandemic

One month ago, a townhouse in Prahran was on the market for $910,000 and it has since come down to $780,000 to $855,000. That is a drop of up to $130,000.

A house in Spotswood, in Melbourne’s inner west, would have been for sale for around $800,000 if it were listed a few months ago. But now buyers could get it for up to $100,000 cheaper. “We’re finding that demand is still quite good, obviously it’s significantly down from where it was, but at the same time supply is still significantly down,” Bill Cook from Williams Batters Real Estate told 7NEWS.

The Airbnb market drying up also means rental listing in areas like South Yarra have doubled. Agents are allowed only one person per inspection and are also conducting virtual walk-throughs.