October 4th, 2021
There were 182 auctions reported to the REIV over the weekend resulting in a clearance rate of 96%. 88 properties sold at auction, 86 before auction with 246 auctions being postponed. In addition, there were 154 private sales.
Some welcoming news with the Victorian Premier last week announcing private, one on one property inspections could recommence starting last Saturday. This means one selling agent is permitted to show a property to one household as long as the vendor/tenant are not home and the agent waits outside. A difficult job for selling agents who in some cases have to stand on the door of the property for days on end showing many buyers through but a great start to reopening our industry.
The road map also revealed that outdoor auctions will be permitted for upto 50 fully vaccinated people when 70% of 16+ are fully vaccinated. At this stage it also suggests that marketing and staging of properties are not allowed until this point which will make things difficult for new listings to hit the market. It is my understanding the REIV are trying to obtain some clarification around this. When 80% of 16+ are fully vaccinated, open for inspections and large outdoor auctions will be allowed but only fully vaccinated buyers can attend.
Many land sites have been selling under strong competition with 9 Butler Street, Brighton another example of this. The 585 sqm new home site went to auction over the weekend selling for $3,757,000 which was $507,000 over reserve.
Have a great week.