Home > Auction Wrap > Market Wrap | 1 June 2020

Market Wrap | 1 June 2020

We enjoyed the final burst of crisp, beautiful weather over the weekend as Autumn finally came to an end. The sunshine seemed to have a positive effect on many buyers, with the Domain Group reporting a preliminary clearance rate of 64.8 per cent from the 165 scheduled auctions (110 of which were reported).

AMP Capital chief economist, Shane Oliver, compared the current auction market to The Twilight Zone, saying it was hard to understand and predict what would come next. He also added, however, that those properties that sold at auction, sold very well. Whilst many potential vendors may be taking a ‘wait and see approach’, there are certainly several buyers searching for the right property, competing against a shortage of stock.

As of today, easing restrictions mean that numbers at open for inspections and auctions can increase to a maximum of 20 people, plus the agents required to facilitate proceedings.

I conducted my first on-site auction since the COVID-19 restrictions were lifted, at 17 David Street in Box Hill South. The property sold under the hammer, with a total of five bidders competing to secure the traditional three bedroom home.

Results. It’s a Fletchers thing.

Categories: Auction Wrap
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