11th November 2019 / Rob Fletcher: AUCTION SNAPSHOT | 9 & 10 November 2019

With less than 2 months until Christmas, we're encouraged to see another weekend of auction clearance rates sitting above 70%. The latest data from the REIV shows a significant improvement in clearance rates from this time last year, when they stood at a mere 50%.

Delivering a total auction volume of $499 million and private sale volume of $100 million for the week, AMP Capital Chief Economist, Shane Oliver, said the property market in Victoria had passed its first major test in keeping clearance rates high as more houses continue to be listed for sale.

'When the recovery started, it was on low volumes [of homes for sale]. Volumes are still well below boom-time levels, but it looks like it's back to a more normal market,' he said.

Heading into the New Year, the Federal Government's decision to widen the First Home Buyers Scheme is set to have amazing benefits for recipients, who will be encouraged to enter the market with a 5% deposit. Coming into effect January 2020, REIV states, 'a 5% deposit will mean that a potential homeowner would only need to save $30,000 to purchase a property worth $600,000,' meaning that this new wave of buyers is set to give an extra boost to the market and economy come January.

In Fletchers news, our team was pleased to see 5 bidders turn out for the auction at 18 Wellman Street in Box Hill South last Saturday. The 4 bedroom, 2 bathroom family home was auctioned off by Fletchers Partner & Auctioneer, Stefan Cook, for $160,000 more than reserve.

Results. It's a Fletchers thing.