Property prices still on the move
May 3, 2021 Hi, There were 970 auctions held over the weekend resulting in
Family homes selling strong at auction as buyers look for extra space
April 26, 2021 Hi, There were fewer auctions over the Anzac Day weekend with 704 reported
Melbourne median price exceeds $1m as a result of 8.8% price growth in March quarter
April 19, 2021 Hi, There were 922 auctions reported to the REIV weekend producing a
Clearance rate strong on Melbourne’s third biggest auction day on record
Hi, A huge amount of properties went under the hammer over the weekend achieving a
Off market activity could rise in light of the amended Residential Tenancy Act
Hi, There were 943 auctions on the weekend resulting in a clearance rate of 83%.
Vendors reserves and advertised prices not in line with current market values
Hi , Masks were off over the weekend and bidding was fierce at some auctions.
Auctions back into full action and a strong weekend clearance rate
Auctions were back into full swing on the weekend with 823 auctions reported which was
Online auctions, auctions postponed, cancelled inspections, Victoria back into lockdown.
What a difference a week can make! Victoria’s property market was thrown into disarray with
May 3, 2021
There were 970 auctions held over the weekend resulting in a clearance rate of 81% according to the REIV. 609 sold at auction, 179 sold before auction and there were an additional 210 private sales. The clearance rate for houses was 84% with a median price of $1,200,000 and apartments achieved a 76% clearance rate with a median price of $771,000. Interestingly, this time last year there were only 96 auctions held.
Many experts are expecting property price growth to continue this year and further beyond. This is all happening without population growth which is not expected to increase again for another two years. Our employment growth has been better than expected, coupled with low interest rates, strong consumer confidence and many people have actually been able to save quite a bit of money over the past twelve months, this has all contributed to an increase in demand.
It seems APRA and the Reserve Bank are more interested in financial market stability, promoting growth in economic activity and lending regulations than property prices at present, so it doesn’t appear that any intervention is on the cards in the immediate future.
The weekend auctions we attended were once again competitive with multiple bidders and all auctions selling under the hammer.
The auction of 1/7 Crawford Road, Cheltenham produced a higher than expected result. Entry level houses/units for good quality suburbs are currently in strong demand. This three bedroom, two bathroom, one of two home attracted three bidders at auction. The opening bid of $1,050,000 was quickly trumped by another bid of $1,200,000 where the property was announced on the market. Two bidders then went head to head where the property sold for $1,325,000.
17 Leroux Street, Oakleigh had a lot of interest with land sites with development potential continuing to be in strong demand. This property is on 702 sqm with a rentable, original house on it. The property was quoted $1,050,000 to $1,150,000 prior to auction. There was a large crowd in attendance and five bidders in total (with some not even having the opportunity to put their hand up). The property sold for $1,387,000.
Have a great day.