Melbourne listings surge as public auction ban lifted.
Over May’s first three weekends the Real Estate Institute of Victoria (REIV) recorded more than 287 auctions. 106 properties were sold at auction, with 51 were passed in, 17 on a vendor bid. 82 properites were sold before auction. There were not enough results to give an accurate averaged clearance rate.
What Buyers need to know in May:
On-site auctions began again on Wednesday May 13 after a seven week ban. Auction attendees are limited to 10 people, plus the agents, and the vendors.
Vendor activity surged with about 1500 properties listed (realestate.com.au) in Victoria immediately after the ban was lifted.
Open For Inspections are also up and running in Melbourne with a limit of 10 potential buyers allowed in the property at one time. Name and phone numbers of visitors must be supplied, although this was already normal practice for most Melbourne agents.
Even during the lockdown, I have seen very strong competition right across Melbourne for any good property listed for sale. Once we start coming out of the current uncertainty with sales and auctions move back into gear, the pent up demand will create even greater buyer competition.
Some of the media have referred to a drop in values because of vendors holding off, but in reality, there has been little impact on home values. Cutting through the fog and getting the real clarity you need when buying a home is another good reason to have Buyer Marketing negotiating for you!
The lifting of the public auction ban is going to bring out more homes for sale, but it will take some weeks before a real lift in scheduled volumes comes to market, because of the necessary marketing campaign processes that need to run before auction day.
Principal Advisor &
Licensed Estate Agent
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