Home > Auction Wrap > Market Update | 27 July 2020

Market Update | 27 July 2020

Following another weekend of private inspections and online auctions, it was positive to see buyers embracing the new normal while under current restrictions. In total, the Fletchers team sold a fantastic 7 out of 10 properties conducted via online auction over the weekend.

With Victoria recording an auction clearance rate of 78% over the weekend, Real Estate Institute of Victoria [REIV] President, Leah Calnan, says that despite the challenges presented by the pandemic, residential property in Victoria is now selling quicker than it was 12 months ago.

The latest data from the REIV revealed that ‘the average Victorian home is spending just 41 days on market before being sold, down from 44 days in the same period last year. Homes in metropolitan Melbourne are being sold within 39 days on average.’

‘There remains a huge interest from buyers despite the state undergoing restrictions due to the pandemic. The REIV days on market figures, amongst a range of other measures, show that our state’s property market is holding strong and delivering great results across the board,’ she noted.

With listing numbers remaining down on previous months and some vendors delaying their sales until public auctions return, agents across Melbourne are citing a missed opportunity in the market, with one agent pointing out, ‘buyer activity is so strong at the moment. We just wished we had more stock’.

Meanwhile, interest from first-home buyers continues to grow, with affordable entry-level homes generating increased interest from buyers throughout the state.

‘There seems to be plenty of buyers in our market. Looking for that entry point, whether it’s a house or an apartment. There’s not a lock of stock coming up, which is normal for Winter, but I think with COVID, people are waiting a little,’ one agent remarked.

My team and I sold the freshly renovated, single level home at 2/3 Raynes Street in Balwyn which saw 4 bidders fight it out for the keys to the deceased estate. The buyers were a young couple looking to get into the Balwyn market. ‘The vendors were two brothers and they were thrilled with the result’. We also sold 12 Albert Street in Surrey Hills post auction, for $2,300,000.

Results. It’s a Fletchers thing.

Categories: Auction Wrap
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