The clearance rate yet again remained in the 70%’s with 500 auctions being reported to the REIV. 262 sold at auction, 87 sold before auction, 1 after auction and 150 passed in. There were an additional 127 private sales reported. The clearance rate for this week is currently sitting at 70% with the final clearance rate for last week reaching 73%.
There are only a couple more weeks left of auction campaigns to commence before the Christmas hiatus and it is looking extremely unlikely there will be a run on of new listings before the Spring season finishes for 2022. Usually this time of year the volume of off market transactions starts to rise and we are already receiving phone calls from agents who have listed properties scheduled for auction in February/March next year, but will consider selling now.
We are having many discussions with buyers who are in the market to purchase a property, some are willing to pull the trigger on the search now whilst many are waiting ‘to see what happens with prices’ and are looking to buy next year. These are promising signs that the first half of 2023 will be an active market should these buyers decide to transact. It also means that there could be more competition on properties and the market might actually be more favourable this side of Christmas.
Whilst the clearance rate continues to remain stready, there are many auctions that are passing in, some on no bids, some on one bid and others on multiple bids, and many vendors are adjusting reserves to sell the property on the day. Others though are attracting good bidding at auction and selling under the hammer. It is a real mix.
A single-fronted Victorian at 67 Courtney St, North Melbourne attracted six bidders. The very small, entry level home was quoted $880,000 to $920,000 prior to auction. The two bedroom, one bathroom home was popular with buyers but sold under the hammer within the range at $910,000 on a reserve price of $900,000. It is a true reflection of the market where buyers are willing to buy but are not prepared to pay big dollars to secure a property.
In Geelong, the auction of 15 Skene Street, Newton attracted strong interest. The property was advertised at $1,300,000 prior to auction which was the reserve price. The five bedroom, two bathroom, striking unrenovated period home on 787 attracted interest from 5 parties at auction. The property sold for $1,520,000 under the hammer.
Have a great week.