The week ending 12th June delivered a clearance rate of 92% at auctions across Victoria (based on REIV data) as the state emerged from lockdown for the Queen’s Birthday long weekend. Volume was substantially lower than in previous weeks, with just 222 auctions reported for the 7-day period.
134 homes were sold at auction, another 71 sold before auction, and 17 auctions were passed in. 20 properties were withdrawn from sale.
As expected, strong buyer demand combined with limited volume to put upward pressure on sale prices. Nathan Mawby from the Herald Sun reports that some properties sold for “hundreds of thousands of dollars above expectations”.
Volumes can be expected to increase sharply over the coming week as Melbourne adjusts to eased restrictions. There are some great buys around if you’re looking in the right places. Larissa Dubecki from Domain lists a few top value locations in this recent article.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less.
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