10th March 2020 / Rob Fletcher: AUCTION SNAPSHOT | 7 & 8 March 2020

Despite less properties heading to auction over Melbourne's Labour Day long weekend, the 316 properties that were scheduled to go under the hammer resulted in a clearance rate of 71 per cent, marking a 20 per cent gain when compared with this time last year.

'The long weekend in Melbourne means we can't read too much into Saturday's result. There were more than double the number of auctions on Saturday in Melbourne compared to the same Saturday a year ago,' said Domain Research Analyst, Trent Wiltshire.

According to Domain, some sellers even used free toilet paper to lure buyers to auction over the quiet weekend. 'Toilet paper hoarders may be using their stockpiles to their advantage, but in the wider market agents say COVID-19 has, so far, had little negative impact,' writes Senior Journalist, Melissa Heaney.

With demand for property remaining strong, house prices having already passed their 2017 peak and further cuts made to interest rates over the last couple weeks, Domain predicts Melbourne's median house prices are on track to hit $1 million by mid-to-late next year.

Following a perfect clearance rate of 100% over the long weekend, the Fletchers group was pleased to see consistently strong numbers of bidders across Melbourne's Eastern suburbs, with as many as 3 to 4 bidders seen in suburbs like Box Hill South, Blackburn and Surrey Hills.

Results. It's a Fletchers thing.