21st October 2019 / Rob Fletcher: AUCTION SNAPSHOT | 19 & 20 October 2019

The latest data from the REIV has shown 14 consecutive weeks of auction clearance rates about 70 per cent across Victoria. Bringing in a total auction volume of $520 million, last weekend saw 652 properties go to auction and 180 properties sell via private sale.

At present, vendors now have their property on the market for an average of 34 days before a sale. This marks the lowest figure in more than a year, down from a high of 50 days on market in February. REIV Chief Executive Officer, Gil King, said 'these figures demonstrate that demand for Melbourne property is outstripping supply. Spring is a traditionally strong sales period and with fresh demand from buyers, now is the time for anyone thinking about selling a house or a unit to act'.

According to Domain, 'agents reported some huge sales at the weekend, with prices bouncing back from the lows of last year'. The recent increase in the number of interested and qualified buyers has created multiple opportunities to sell well within the current market, which has resulted in many properties selling well above their reserve at auction.

In Fletchers news, Senior Property Consultant, Fio Gao, sold a stunning suburban, resort-style residence at 5 Blenheim Avenue, Glen Waverley last Saturday. Listed with Fletchers Waverley, the 4 bedroom home attracted 4 bidders at auction and featured a wrap-around decking and a sparkling in-ground pool and spa, selling above expectations at $1,361,000.

Results. It's a Fletchers thing.