June 21, 2021
Auctions were back on the weekend with the REIV reporting 543 auctions with a clearance rate of 83%. 314 sold at auction, 135 sold before auction and 719 postponed. There were an additional 133 private sales reported. This time last year there were 438 auctions with a clearance rate of 67%. The next two weekends are predicted to produce very high numbers of auctions as we play catch up from lockdown 4.0.
Winter and school holidays historically results in a slow down in the amount of properties for sale however the fourth lockdown may have made some vendors nervous about putting their property on the market for fear of further interruptions. Stock levels are low across Melbourne and Regional Victoria. New sales campaigns have been delayed as stylists and photographers were unable to get access to properties during the two week lockdown.
Vendor’s need not fear about putting their properties on the market. As an industry, we have adapted extremely well and properties have still been selling under strong competition. That being said, the panic and FOMO we experienced at the start of 2021 has eased.
An unrenovated house at 8 Lysterville Avenue, Malvern went under the hammer on the weekend. The property last sold in 1997 for $440,000. Four bidders participated in the auction after an opening bid of $2,500,000. The property was announced on the market at $2,650,000 and sold for $2,940,000.
Villa units are continuining to show their popularity and 2/4 Sandford Street, Highett was no exception. Investors, first-home buyers and downsizers were all in the mix to secure the property which was quoted at $600,000 to $660,000 prior to auction. Six bidders pushed the final sale price to $743,000.
Have a great week.