August clearance rates max out at 99%
In August the Real Estate Institute of Victoria (REIV) recorded more than 1,609 auctions. 1,222 properties sold, 719 at auction, with 68 passed in. 502 properties were sold before auction & 1 property was sold after auction. The clearance rate averaged 95.5%, sharply up on July’s 87%.
August’s market had fewer auctions than a typical August of course, but with amazingly high clearance rates. August’s last weekend actually achieved 99%. (The REIV includes homes that sell before auction, as well as auctioned homes in its clearance rate). By comparison August 2019 had nearly twice as many auctions at 2281, but with a 76% clearance rate.
Lockdown auction prices stay high
With no proper inspections allowed listings will ease during lockdowns, but optimal prices are still being achieved because demand is so high. You know real estate values are charging when they report “If you’re looking to live or invest, you can’t go wrong in Sunshine” (realestate.com.au), referring to a cookiecutter old weatherboard home listed there this week for 1.5M. And agents are predicting Sunshine’s proximity to the CBD is a hot prospect for more outstanding growth. Speaking of optimal results, a knockdown beach shack in Safety Beach sold at online auction a week ago for $500,000 over reserve, at 1.4M.
Maximise your own sale price
It is certainly a good time to sell, plus maximising your sale price with Vendor Marketing. As clearance rates show, there is real urgency among buyers in metro Melbourne and supply is very low. Even with the economy in a somewhat precarious position and world affairs in disorder, home values are solid, with better resistance than any Covid jabs.
ANZ calls 20% for 2021
Looking ahead into the Spring selling season and further, to the end of lockdowns, ANZ sees sustained values and growth, predicting a 20% overall rise across 2021. Affordability ceilings keep being broken (for mid range and top end property) with people willing to invest more and more in their home. It’s not so surprising. In these times it’s often your workplace too.
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