Home > Auction Wrap > Auction Snapshot | 26 & 27 October

Auction Snapshot | 26 & 27 October

The windy weather proved to be no deterrent from buyers who helped secure another solid weekend of auction results across Melbourne on Saturday. With 1067 auctions reported, this marks a significant increase from the 811 auctions that took place the weekend prior.

Across the group, we saw a noteworthy 60% of Fletchers properties which sold at auction sell above their reserve price, demonstrating increasing demand from buyers for more properties to hit the market.

Domain Research Analyst, Eliza Owen, echoed the same sentiment. ‘The strong demand, represented in clearance rates consistently over 70 per cent, is also showing in price increases across Melbourne. Domain data shows the median house price is up 4.1 per cent in Melbourne over the September quarter, and unit prices up 3.7 per cent.’

At present, the recovering market has been dubbed ‘the quickest turnaround ever’ from industry experts, with agents reporting ‘some sale prices close to, or above, those during the market boom between 2013 and 2017,’ according to Domain. This means homeowners still have time to capitalise on the strong sales conditions, with the surge in buyer activity expected to stretch out until Christmas.

Results. It’s a Fetchers thing.

Categories: Auction Wrap
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