Melbourne Property News Monthly Wrap – June 2020

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Auctions double in June in a seller’s market.

Over June’s 4 weekends the Real Estate Institute of Victoria (REIV) recorded more than 1,397 auctions. 612 properties were sold at auction, with 402 passed in. 175 on a vendor bid. 170 properites were sold before auction. The clearance rate averaged 65.75%

Melbourne auction numbers increased through June doubling May’s total. Overall supply is still limited though which is keeping the market hungry and buyers competitive. The scarcity of stock is also helping preserve values. With this consistency, seller confidence continues to grow with vendors taking advantage of the conditions, with any quality property attracting so much attention.

Strong performance in hot-spot suburbs

The easing of restrictions allowing up to 50 people at public auctions will have to wait until the virus outbreak plaguing some Melbourne suburbs is contained. Online auctions are likely to increase in hot-spot suburbs like Reservoir and Keilor, both of which defied their current problems and recorded strong auction results across June (realestate.com.au).

Agents report keen buyer attendance in suburbs like Darebin, Brimbank and Moreland where many above reserve sales were achieved in June. To cater for this demand, some agents have barred registered people’s partners from public auctions, in order to let more individual buyers attend.

Reserves smashed across Melbourne on last weekend

Despite Melbourne’s ongoing problems with these Covid19 outbreaks it hasn’t dampened sales results with people coming to auctions determined to buy. Agents reported reserves were smashed across Melbourne by six-figure amounts on June’s last weekend. A house in Moonee Ponds went $350,000 over reserve and a Footscray house went $288,000 past reserve. Houses in Glen Waverley and Fawkner both went $200,000 above reserve.

It shows good properties with carefully planned campaigns and presentation are getting great results, even in the difficult conditions.

Looking closely at value trends, according to CoreLogic data (June 26) dwellings valued in the top quartile (above $959,900) had declined by 1.3% over May, compared to a 0.6 decline in the middle market and 0.3% in the lowest quartile. Overall though, values are holding up better than some commentators had forecast.

Craig Knudsen
Principal Advisor
Vendor Marketing

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