23rd July 2019 / Rob Fletcher: AUCTION SNAPSHOT | 20 & 21 July 2019

With auction clearance rates reaching their highest points for the year over the last few weeks, the property market in Melbourne continues to hold strong, despite reports that auction numbers are down 30 per cent when compared with last year.

According to Domain Economist, Trent Wilshire, Melbourne prices are predicted to be at their lowest level since the boom by the end of this year. 'We might see some more activity in Spring, but I don't think we'll see a big increase in auction numbers until prices start increasing,' he said.

As a result, the reduced number of houses on the market has caused a high volume of properties to sell well above their reserves across the state, further pushing up auction clearance rates.

One such example was 20A Irilbarra Road in Canterbury, which was sold by Fletchers Director & Auctioneer, Tim Heavyside, on Saturday. The 2-bedroom residence, located just off the prized Golden Mile, was originally listed on the market for $967,000. With an astounding 11 bidders fighting for the keys, the single-level home eventually sold for a remarkable $1,178,000.

'Both our vendors and the successful purchasers are very happy, ' Tim remarked.

Results. It's a Fletchers thing.