Hot February hits a speedbump.
Over February’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 879 auctions. 433 properties were sold at auction, with 94 passed in. 232 properites sold before auction whilst 0 properties sold after auction. The auction clearance rate averaged 88.5%.
Here we go again! On-site public auctions and property inspections have been banned for 5 days of state-wide lockdown, with no firm end date.
Sky-high 95% weekend clearance rate
With Melbourne’s very competitive market running hot, the snap lockdown forced a rush to reschedule auctions, move auctions online, or negotiate a quick pre-auction sale. The result? An amazing 95% clearance rate for the lockdown weekend was apparently achieved. (Although the weekend of the 13th & 14th of February posted this 95% clearance rate it’s subject to change as more data is reported).
Online platform growing in popularity
Experience from a harrowing 2020 means the industry has the technology ready to switch to online auctions very quickly. In fact some people already choose online as their preferred auction platform. Ray White Victoria claims they are doing around 14 online auctions in an ordinary week.
First Super Saturday coming up
Auction numbers are scheduled to surge on February 20 with more than 1000 properties going under the hammer, bringing the city’s first official 2021 Super Saturday. Melbourne’s house market is thriving in most areas with agents reporting long queues of people waiting to inspect properties in desirable suburbs. All signs show pent-up demand and vendor confidence is healthy enough to shrug off this current setback, which hopefully, will be short.
Looking forward into 2021 the market appears very strong, with the Australian Financial Review reporting predictions of double digit value growth over the next 12 months
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