Home > Auction Wrap > Market Update | 14 December 2020

Market Update | 14 December 2020

It’s shaping up to be a busy season for the property market this Summer, with more than 2,100 auctions recorded in November; the highest numbers seen since the beginning of lockdown in March.

While December is a traditionally quiet month for the real estate sector, the industry is expecting to see another rise in auction numbers. Already this month, the Real Estate Institute of Victoria [REIV] has recorded more than 600 auctions across the state, with a clearance rate of 74% in the first week alone.

According to the Real Estate Institute of Victoria [REIV], ‘homes sold by private treaty are also selling fast, with homes in metro Melbourne spending an average of just 25 days on market and 43 days in regional Victoria before being sold’.

Similarly, the number of vendors accepting an offer on their home prior to auction has also soared in recent times. In Melbourne, Domain reports that ‘one quarter of reported sales, or 25.1%, were sold prior to auction last month, compared to 16.6% a year ago’.

‘Sold priors are an indication of a market on the move. In Melbourne, there has been such a long time in lockdown, people just don’t want to wait any more, particularly if a buyer puts in a strong offer for the house they want,’ Senior Analyst, Nicola Powell remarked.

In Fletchers news, a total of 22 properties were sold across our network over the weekend, with a strong show from both buyers and bidders at auction.

Success. It’s a Fletchers thing.

Categories: Auction Wrap
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