Despite the disruption caused by last Friday’s snap lockdown announcement, the week ending 13th February recorded a high number of sales at auction in Melbourne. The clearance rate reported by the REIV is 95%*. At the same time last year, the clearance rate was 79%.
This result is based on 292 auctions reported across Melbourne. 159 homes were sold at auction and 118 sold before auction, with 15 passed in. 61 properties were withdrawn from sale.
*Note: “Due to the announcement of Stage 4 restrictions on Friday 12th February 2021, auction results published for the February 13th -14th weekend are subject to change as more data is reported.” (REIV)
In the wake of the lockdown announcement on Friday, real estate agents expected a rise in homes being withdrawn from sale. This prediction was confirmed by the 61 properties withdrawn by the end of the week.
Nevertheless, the high success rate of online auctions over the weekend indicates the effectiveness of this format in today’s real estate market. As Rachel Wells from Domain reported on Saturday, “pent-up demand from buyers” is causing many to embrace online auctions during periods of lockdown.
Looking to bid online at auctions in Victoria and unsure of where to start? Talk to me today about how I can help you buy your new home faster, for less.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2021 | All Rights Reserved
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers 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.wendychamberlain.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.