Melbourne’s auction numbers are almost at normal Spring levels as the year begins to close. The REIV reported 803 auctions on the weekend which was an increase on last year but still down on the same weekend last year. A clearance rate of 80% was achieved. 492 sold at auction, 147 sold before auction and 1 after auction. In addition there were 285 private sales.
There has been a rush of properties onto the market over the past two weeks with auction dates as late as December 23. This is due to vendors and selling agents wanting to take advantage of the strong buyer activity that has occurred over the past month or so.
The Christmas break will be much shorter this year with many selling agents coming back to work on the 11th of January. A normal January would be very quiet with many agents not back until just before Australia Day, however this year we are expecting things to be a little bit different as we are still playing catch up from a disrupted year.
2021 is likely to be a busy year. Interest rates are at record lows, employment and buyer confidence is rising and now stamp duty discounts have been introduced for all properties under $1,000,000 which is bringing more investors into the market.
In Regional Victoria, the property market is very active with many properties selling within days of hitting the market and reaching prices well above the asking price (some properties being purchased sight unseen). Geelong also had a busy weekend of auctions with reports of many properties selling well above reserve. The auction of 12 Cambra Road, Belmont was competitive with six bidders wanting to secure the three bedroom, two bathroom renovated home. The reserve of $690,000 was overrun with a selling price of $777,000 being achieved. Belmont has been a popular area for investors and first home buyers for quite some time.
In Melbourne, the auction of 5 Fontein Street, West Footscray attracted 23 registered bidders with the opening bid of $880,000 hitting reserve and putting the property on the market. Mostly young couples participated in the auction with the property selling for $990,000 ($110,000 over reserve). Three bidders participated in the auction of Garry Lyon and Nicky Brownless’ home at 12 Ashleigh Road, Armadale with an original price guide of $3,000,000 to $3,300,000 and selling for $3,370,000.
After what has been an extremely challenging year, it is a great feeling to be finishing the year on a positive note. The vibe in Melbourne is a stark contrast of what it was only a few months ago buzzing with activity and so many smiles on people’s faces. The way that everyone has adapted this year is nothing short of amazing.
This is the last market wrap for the year so I would like to wish everyone a happy holiday season and a wonderful new year. Looking forward to seeing you all in 2021.
Melbourne’s auction numbers are almost at normal Spring levels as the year begins to close. The REIV reported 803 auctions on the weekend which was an increase on last year but still down on the same weekend last year. A clearance rate of 80% was achieved. 492 sold at auction, 147 sold before auction and 1 after auction. In addition there were 285 private sales.
There has been a rush of properties onto the market over the past two weeks with auction dates as late as December 23. This is due to vendors and selling agents wanting to take advantage of the strong buyer activity that has occurred over the past month or so.
The Christmas break will be much shorter this year with many selling agents coming back to work on the 11th of January. A normal January would be very quiet with many agents not back until just before Australia Day, however this year we are expecting things to be a little bit different as we are still playing catch up from a disrupted year.
2021 is likely to be a busy year. Interest rates are at record lows, employment and buyer confidence is rising and now stamp duty discounts have been introduced for all properties under $1,000,000 which is bringing more investors into the market.
In Regional Victoria, the property market is very active with many properties selling within days of hitting the market and reaching prices well above the asking price (some properties being purchased sight unseen). Geelong also had a busy weekend of auctions with reports of many properties selling well above reserve. The auction of 12 Cambra Road, Belmont was competitive with six bidders wanting to secure the three bedroom, two bathroom renovated home. The reserve of $690,000 was overrun with a selling price of $777,000 being achieved. Belmont has been a popular area for investors and first home buyers for quite some time.
In Melbourne, the auction of 5 Fontein Street, West Footscray attracted 23 registered bidders with the opening bid of $880,000 hitting reserve and putting the property on the market. Mostly young couples participated in the auction with the property selling for $990,000 ($110,000 over reserve). Three bidders participated in the auction of Garry Lyon and Nicky Brownless’ home at 12 Ashleigh Road, Armadale with an original price guide of $3,000,000 to $3,300,000 and selling for $3,370,000.
After what has been an extremely challenging year, it is a great feeling to be finishing the year on a positive note. The vibe in Melbourne is a stark contrast of what it was only a few months ago buzzing with activity and so many smiles on people’s faces. The way that everyone has adapted this year is nothing short of amazing.
This is the last market wrap for the year so I would like to wish everyone a happy holiday season and a wonderful new year. Looking forward to seeing you all in 2021.
