And they’re off and racing! Public Auctions that is.
Over October’s 5 weekends the Real Estate Institute of Victoria (REIV) recorded more than 1,028 auctions. 534 properties were sold at auction, with 150 passed in and 66 of those on a vendor bid. 192 properites sold before auction whilst 3 properties sold after auction. The clearance rate was a very high 79.5%.
What a huge difference – from 55 auctions in September to over 1,000 in October! It’s a stark reminder of how much social lockdowns also clamp the economy.
The public auction market jumped out of the blocks as soon as the ban was lifted on October 19. Seeing agents unfurl home auction flags and inspection boards in our neighbourhoods is a welcome sight and a big step in getting back to normal.
What’s happening with values post lockdown?
Figures vary a bit depending on source but CoreLogic claims National property prices rebounded in the September Quarter in all Australian cities except Melbourne, averaging gains of +0.9%. The biggest jumps were in Darwin, Adelaide, Hobart and Canberra, pushing prices to record highs as they play catch-up to the Sydney and Melbourne gains in late 2019.
Melbourne values patchy, but holding steady
According to the Domain House Price Report Melbourne values generally flatlined through the worst of the lockdown period. In typical style various zones shed some value, others gained value (Inner Melbourne) even in the September Quarter. Hawthorn for example recorded a 36.5% gain.
Unit prices lost value (September Quarter) in the Inner East (-6.5%) and Outer East (-6.9%) but grew strongly in the West (+10.2%) and South East (+8.4%).
Some agents have described the number of buyers and sellers now coming into the market as a ‘tidal wave’. The backed-up demand, with sellers free to make their moves, is bringing a rush of activity. With the right preparation, marketing and strategy – it’s a very good time to go to market.
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