Home > Uncategorized > Market Update | 27 & 28 March 2021

Market Update | 27 & 28 March 2021

The last auction weekend of March was a big one, with over 1,500 auctions scheduled in Melbourne. In fact, Domain figures show that it was the busiest auction day since March 2018, and its third-biggest auction day on record!


Domain’s Dr Nicola Powell said that the large volume of auctions “shows the market is returning to normal seasonal dynamics” just five months after Melbourne emerged from its second lockdown. Figures released earlier this month support this observation, showing that Australian house prices grew by 2.1 per cent in February, the biggest month-on-month gain in 17 years.


Dr Powell further commented that the high volume of auctions over the weekend would be “a real test to see if there are enough buyers in the market to absorb the high level of auctions occurring”. It certainly seems that the market passed the test and there are still plenty of buyers in the market, with the Real Estate Institute of Victoria [REIV] recording a clearance rate of 85 per cent.


The Fletchers Group was thrilled to achieve a third consecutive weekend with a clearance rate of above 90 per cent. Domain reports that a high clearance rate points to strong price growth – an auction clearance rate of 70 per cent is usually correlated with annual price growth of about 10 per cent.


There was not much rest over the weekend for my team and I, as we sold two more homes under the hammer after what was already and busy successful day on Saturday.


The Easter weekend will see the property market take an expected break due to the long weekend. With low interest rates and the easing of credit by banks, strong activity is set to resume straight after, with many auction bookings scheduled over April. There are also five auction weekends available in May, which we expect will be another bumper month for the property market after such a robust start in the first quarter of 2021.


On behalf of my team, I hope you have a safe and happy Easter long weekend.


Success. It’s a Fletchers thing.

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