Auction Snapshot | 12 & 13 October
Auction numbers have continued to perform well this month, with clearance rates finishing up at 77% over the weekend. The favourable weather on Saturday saw 708 properties go to auction, marking a slight increase from the 675 auctions that took place the weekend prior.
With similar levels of competition expected in the coming weeks, buyers continue to face an uphill battle as demand for supply continues to grow. CoreLogic Head of Research, Tim Lawless, said ‘the amount of stock on the market is still quite low but buyer numbers are rising because of interest rate cuts and the easing of credit restrictions. The clearance rate got as low as 41 per cent last year so this is a dramatic improvement’.
According to the REA Group, fear of missing out on the current market conditions is another factor creating a sense of urgency among buyers and sellers, resulting in many properties selling well above their reserve. Some of the best performing suburbs in the outer east over the last few months have included Wheelers Hill, Wantirna, Malvern, Mount Waverley, Mulgrave and Kew.
The team and I were thrilled to successfully sell the contemporary town home at 2/19 Hotham Street in Mont Albert for $1,410,000 post auction. A big congratulations to our vendors and the successful purchasers!
Results. It’s a Fletchers thing.
Tim Heavyside 