6th July 2020 / Rob Fletcher: Market Update | 4 & 5 July 2020

Amidst the alarming COVID-19 infection rates in Victoria, auction clearance rates peaked at 72% over the weekend; a 6% increase on the previous week.

Of the 300 properties scheduled for auction, 157 sold on the day, with 58 selling prior. In the same week, 202 private sales also took place, bringing in a total auction and private sales volume of $333 million across the state.

With Melbourne holding its highest number of auctions in 9 weeks last weekend, the latest results demonstrate the resilience and fortitude of our property market, which continues to show improvements in buyer and seller confidence.

To support this, Fletchers reported a 107% increase in new listings over April and an 84% increase in May.

While auctions in COVID-19 hotspots have started to move online, Domain also reported that 'areas outside of hotspots were also being converted to online sales where there were more than 20 people expected'.

In Fletchers news, we are thrilled to announce an auction clearance rate of 83% over the weekend, with our agents achieving some fantastic results across Balwyn North, Mitcham, Box Hill South, Balwyn and Ringwood North.

Our highest sale for the weekend was 4 Surrey Street in Box Hill South, which was sold by Director & Auctioneer, Tim Heavyside, for $1,150,000.