20th August 2019 / Rob Fletcher: AUCTION SNAPSHOT | 17 & 18 August 2019

The delightful sunshine on the weekend reminded us that Spring is just around the corner, whilst the strong auction results indicated that Melbourne's property market is continuing on an upward, positive trajectory.

Domain economist, Trent Wiltshire said that the weekend clearance rate of 73.3 per cent not only showed that buyers are demonstrating renewed confidence, but it also revealed a slight price growth.

Approximately 514 auctions were held on Saturday, which is still nearly 300 homes less than the same time last year. Lower stock levels, combined with the two interest rate cuts in 2019, certainly seem to be generating larger crowds at auctions more often than not, multiple bidders.

The Fletchers Group achieved a success rate of 80 per cent, with most auctions attracting multiple bidders. A highlight was the auction of 21 Barkers Road in Kew, which saw three bidders compete to secure the potential that the property offered. Over 45 minutes and 189 bids later, the property was sold under the hammer!

Results. It's a Fletchers thing.