July 19, 2021
The sudden announcement of a fifth lockdown in Victoria threw the weekend’s auction calendar into chaos yet once again. Some auctions were moved from Saturday to Thursday night (pre-lockdown) in order to have the auction on site, some moved to online, some sold before auction and some have been postponed. 525 auctions were still reported to the REIV which just shows how well we have been able to adapt in the event of a snap lockdown.
Of the 525 auctions reported, 315 sold at auction, 43 passed in, 166 sold before auction and 1 sold after resulting in a clearance rate of 92%. There were an additional 175 private sales. Due to 293 auctions being postponed, the clearance rate doesn’t give an accurate indication of what would have been had all properties gone to auction but it does still demonstrate strong buyer activity in the market.
Online auctions produced some strong results over the weekend and the auction of 23 Allnutt Parade, Cheltenham was one of them. The renovated, five bedroom, three bathroom home was quoted $1,240,000 to $1,320,000 prior to auction with six bidders participating driving the price to $1,564,000.
The REIV released its June quarterly report showing the median house price in Melbourne held steady at $1,010,000 and in regional Victoria is increased to $559,500. The median house price across regional Victoria rose 10.5 per cent over the quarter resulting in a 20 per cent annual growth in house prices.
Other findings of the report were:
– there was an increase from 155 to 177 metropolitan suburbs having median house prices over $1,000,000;
– auction clearance rates have been above 80 per cent for all of 2021 with June having the most amount of auctions reported;
– The median house prices in Greater Geelong increased 7.9 per cent in the June quarter to $695,000;
Have a great week.