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.
by Rob Fletcher in Market Updates
News and Lifestyle View the Latest Updates
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Market Update | 22 & 23 June 2024 June 24thAcross Melbourne, there were 920 homes taken to auction, compared to 1,083 the previous week and 744 a year ago.
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Market Update | 15 & 16 June 2024 June 17thWe were relieved that the sun came out over the weekend, as temperatures are certainly dropping to wintery levels!