Home > Auction Wrap > Market Update | 11 January 2021

Market Update | 11 January 2021

Making a momentous comeback from this time last year – when just 339 auctions were recorded, Victoria is seeing a swift reopening of the property market this Summer, with 992 auctions reported in the state over the weekend. Of those, 82% of properties scheduled for auction sold on the day, bringing in a total auction volume of $763 million for Victoria, as well as another $217 million via private treaty.

In addition to open for inspections and auctions having returned back to ‘COVID-normal’ across Melbourne, these early signs of recovery have been welcomed by agents and industry experts alike, including the Real Estate Institute of Victoria [REIV].‘It is really exciting. I think there is a portion of real estate agents who will still utilise private inspections and technology at auctions,’ REIV President, Leah Calnan, remarked.

Fortunately, we are already seeing more first-home buyers enter the market since Victoria’s extended lockdown, with many buyers citing an improved ability to save their deposit over the last 12 months.

‘The biggest thing I’ve seen this year with Victoria’s lockdown has been the ability, especially among first-home buyers, to be able to put money away into their house deposit savings,’ said Loan Market Geelong Finance Broker, Sarah Thompson.‘I’ve had a lot of clients who were hoping to be able to save enough to buy something later this year or next year. But with the extra savings they’ve made during lockdown, they’ve been able to bring that forward a bit.’

It was first home buyers, for example, that recently purchased the three bedroom home at 29A Crest Grove in Nunawading.

Categories: Auction Wrap
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