June maintains momentum
May’s strong momentum has carried on into June with 2385 auctions reported to the Real Estate Institute of Victoria (REIV) and 1721 sales recorded. 664 of these properties were passed in, 350 of those on a vendor bid. As you would expect many vendors gave the Queens Birthday weekend a miss, with just 227 auctions and a 61% clearance rate. This follows the pattern that long weekends in Melbourne are a tricky time to put your property to auction. But as winter weather kicks in and crowds thin, some vendors might view the lack of competition as an advantage, given the continuing demand by buyers. The June clearance rate was generally high, above 70% for all weekends, apart from the Queens Birthday weekend, producing an overall monthly average of 68%.
The Parliamentary Inquiry into Foreign Investment made news this month investigating the impact of Chinese and Malaysian buyers in the Melbourne & Sydney residential markets, with lobby groups claiming both positive and negative effects. Some claimed the growing wave of wealthy Chinese nationals buying homes and apartments has caused price hikes of up to 10% in Sydney and Melbourne. Industry groups noted foreign investment in new property was promoting construction and aiding the economy. The Inquiry continues.
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