There was another strong auction clearance rate over the weekend with 78% of the 248 auctions reported selling. This is slightly down from 80% on 253 auctions last week but we are starting to see some consistency in the amount of auctions being conducted as vendors, agents and buyers are just getting on with things, even amongst the Covid-19 outbreak. In addition there were 261 private sale demonstrating that expressions of interest, off market transactions and private sales are still the preferred way of selling.
We are seeing a bit of a mixed bag of property results though with some suburb record prices being achieved, some selling well above reserve but the odd one passing in with or without a bid. For a property to sell well, it really needs to be ticking a lot of key boxes as there is understandably some nervousness in buyers. It firstly comes down to the property selection itself and then how it is marketed for sale. Buyers are drawn to properties that are presented very well, this means freshly painted, often updated/renovated, styled with display furniture and then marketed with high quality photos and priced accurately to sell. Properties that are priced too high or not presented well are often having some difficulty selling.
In addition to this, properties that are selling strongly are well located properties in a quiet street, close to shops/cafe’s, close to public transport, boasting a good floor plan and in a low density location. Properties that have the X factor and scarcity are the ones that are showing resilience in the current market from a selling and rental point of view.
There is no doubt the rental market has been hit hard with higher vacancy rates and an increase in properties coming up for lease. That being said, it is the properties that tick the investment criteria mentioned above, that are leasing out easier with higher quality tenants and near rents that they were achieving twelve months ago.
Stay safe everyone.
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