16th November 2020 / Rob Fletcher: Market Update | 14 & 15 November 2020

After coming out of another weekend of strong auction results, the Fletchers group achieved a solid clearance rate of 84.62%, slightly above the state-wide average of 82%, with 384 auctions reported across Victoria.

With the backlog of buyer demand that had built up amid stage four restrictions, Melbourne's property market is now seeing more homes selling quicker than new ones being listed, leaving buyers struggling to find property in time for Christmas.

According to Domain, 'despite a staggering 170.9% jump in new listings in October,' Senior Research Analyst, Nicola Powell, says 'stock is being absorbed at a greater rate than new stock is coming onto the market'.

As we move into a seller's market post-lockdown, Buyer's Advocate and Real Estate Buyers Agents Association of Australia President, Cate Bakos said vendors were now taking pre-auction offers, leaving 'the days on market so tight; agents, vendors and buyers are all creating that perfect storm'.

With multiple properties selling above the $1 million mark, our highest sale for the weekend went to 32 High Street in Mont Albert, which was sold under the hammer by Director & Auctioneer, Tim Heavyside for $2,365,000. After great turn out on the day and 4 bidders competing for the exceptionally renovated property, the stylish 3-bedroom Californian Bungalow sold a remarkable $385,000 above reserve.

Success. It's a Fletchers thing.