Home > Uncategorized > Market Update | 20 & 21 February 2021

Market Update | 20 & 21 February 2021

Following the events of Victoria’s snap 5-day lockdown last week, Melbourne’s property market returned for its first Super Saturday of the year, which saw a remarkable 823 auctions recorded across the state.

Interestingly, the on-site ban of auctions and inspections during lockdown resulted in many agents choosing to reschedule auctions to the weekend just passed, leading to one of the biggest auction weekends of the year.

This brought in a total auction volume of $815 million for Victoria, with another $265 million from private sales.With agents reporting ‘no ill effects’ from Melbourne’s strict stage 4 restrictions, the latest news from Domain revealed that buyers were back at public auctions in big, socially distanced numbers’ on Saturday.

Domain Senior Research Analyst, Nicola Powell, also said that with news the COVID-19 vaccine roll-out would begin this week, confidence was growing.

‘With such strong results, more vendors will be enticed to the market eventually and while housing finance is as it is, the market is going to remain heated,’ she said.

With buyers out in droves on Saturday, our auction with the highest amount of bidders went to 9A Shepherd Street in Surrey Hills, which had a total of 7 bidders fight it out for the 3 bedroom, single level haven.

Success. It’s a Fletchers thing.

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