Auction Snapshot | 5 & 6 October
With the Spring selling season off to a strong start, many agents are feeling renewed confidence in Melbourne’s property market, which seems to be making a resurgence from the 2017-19 downturn. Following the Grand Final long weekend, auction volumes bounced back on Saturday, with the REIV reporting 573 scheduled auctions and a clearance rate of 76 per cent across the state.
According to REA Group, this ‘follows a successful September, with weekly clearance rates consistently above 74 per cent’. As such, we are expecting to see an increase in vendors in the coming weeks as opportunities to sell well in the current market continues to improve. Additional factors boding well for a profitable Spring season include steady population growth, falling interest rates, relaxed lending standards and recent increases to median house prices, which is said to have resulted from both a lack of stock on the market and healthy levels of demand.
Results. It’s a Fletchers thing.
