Public auctions are back on again. Bid the ban goodbye!
Over October’s first three weekends the Real Estate Industry of Victoria (REIV) recorded more than 196 online auctions. 100 of these properties were sold at auction. 37 were passed in, 16 on a vendor bid. 30 properties were sold before auction. 2 properties were sold after auction. The auction clearance rate averaged 76%. 190 properties were sold by private sale.
First things you need to know
Public auctions are back, starting October 19, but limited to an audience of 10 bidders.
Non-essential renovation work can now be done if it is external, with up to 5 workers. This lets prospective home sellers have work done on properties before selling. Property Styling inside the home can be done at a vacant property, but not at an occupied property. Internal inspections of properties for sale by buyers must still be booked.
Homes selling faster
In the current conditions homes hitting the market are selling faster than ever before. Limited supply, with the most determined sellers and buyers active, has caused transaction times to speed up. All parties want the process completed ASAP. The Covid caused trend to off-market sales will slow now as public auctions (most sellers preference) make a comeback.
House prices dip a little
Melbourne metropolitan house prices dropped an averaged 1.7% in the September Quarter to a median of $846,000. This shows resilience considering the extreme conditions, after absorbing an auction market virtually ground to a halt and physical inspections banned. Regional Victoria values shot up by 5.1% to $442,500 (Herald Sun) in the same period. Commentators link this to tree-changers. But an upswing like this could be expected with regional Vic now following on the metro market’s big upswing in the second half of 2019.
Property activity in Melbourne is expected to surge as we go into summer.
Stay well everyone.
Principal Advisor &
Licensed Estate Agent
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