Market Update | 13 July 2020
Melbourne’s first auction weekend since the reintroduction of stage 3 restrictions passed their first test on Saturday, with the REIV reporting a preliminary clearance rate of 88% for the state.
Despite a drop in the number of scheduled auctions, the growing familiarity with online auctions allowed agents to promptly make the necessary changes to their selling strategy before the lockdown came back into effect.
According to Domain, one agent said that buyers were ‘now used to it and trust what they see online and know that their bids are coming through’.
For vendors, agents echoed the sentiment that ‘as the body of evidence builds around successful online auctions, there will be a boost in popularity’.
Domain Senior Research Analyst, Nicola Powell, advised that the weekend’s results were not unexpected, given the quick changes that had to be made.
In other news, REIV – Real Estate Institute of Victoria President, Leah Calnan welcomed clarification from the Victorian government that ‘a person can still move home during the lockdown; even if it involves travelling into a different region’.
With housing remaining an essential service, Ms. Calnan said that the news would help keep the real estate market open and provide people with the opportunity to secure a place to live.
My team and I were thrilled to sell both 1/26 Charlton Street, Blackburn North and 4 Graham Street, Surrey Hills prior to their scheduled auctions on the weekend.
Please know that we are still offering complimentary appraisals to those within the community, which can be arranged via private or virtual appointment.
To book, contact me on 0403 020 404.
Tim Heavyside 