Melbourne recorded a 53 percent clearance rate over the weekend. The clearance rate was down from last weekend’s 56 percent.
The total auctions was 82 while the confirmed results was 39. The number of properties sold was 36 with 19 being passed in. Total sales amounted to more than $22,035,000 while the median price in the area was pegged at $775,000.
Public auctions resumed on Saturday after more than two months of hiatus due to the coronavirus health crisis. Only a maximum of 10 people were allowed in accordance with the requirements of the Victorian government. Real estate agents used both a mix of on-site auctions and online streaming to allow more homebuyers to take part.
Real estate experts said Melbourne was hardest hit with only half of the properties sold.
According to Chief economist Shane Oliver of AMP Capital, public confidence and auctions were badly affected by the stricter lockdown conditions in Victoria and the cluster breakouts. Oliver added they have yet to see the impact of the rising unemployment, lower household incomes and a halt in immigration on the housing market.
Last Marcch 25, the Federal government imposed a ban on public real estate auctions as part of the social distancing measures against the coronavirus pandemic. Auctions were then shifted to the virtual platform.
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By Wendy Chamberlain
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.
