Auction Snapshot | 6 & 7 July
With the second interest rate cut for the year and relaxed lending criteria providing a boost of confidence for buyers and sellers alike, last weekend’s clearance rate result of 72% shows signs of a stronger auction market across Melbourne.
Compared with an outstanding clearance rate of 100% for the Fletchers group, we were pleased to see more buyers back in the market and more active bidders at auction. Given the school holiday period typically sees a reduced number of auctions taking place, a total of 176 out of 290 properties sold across the state, bringing in an auction volume of $163 million.
With some agents acknowledging increased competition for buyers is likely as we head into the Spring selling season, one agent remarked, ‘it’s a funny time because there are a lot more buyers back in the market and actively looking, but stock levels haven’t caught up. Vendors want to see a bit more of a body of work than just the few weeks we’ve seen since the election – the catalyst for all of this’.
Results. It’s a Fletchers thing.
