Victoria auction market picks up - REIV
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Jul 11, 2019
Victoria auction market picks up - REIV
June 2019 recorded a 67 per cent clearance rate for Victoria which is the highest monthly clearance rate in more than a year, since April 2018.
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Luxury List.During June, Victoria suburb of Mount Waverely 101 properties sold under the hammer respectively.
The auction market has started to pick up in the aftermath of the Federal Election, according to the Real Estate Institute of Victoria (REIV).
June 2019 recorded a 67 per cent clearance rate for Victoria which is the highest monthly clearance rate in more than a year, since April 2018. For Metropolitan Melbourne, it was 68.2 per cent, the highest since February 2018.
"Glen Waverley and Bentleigh East were star performers during June with 29 and 24 sales in each respectively," said REIV CEO Gil King.
11 Ian Grove, Mount Waverley, sale managed by Jellis Craig. Source: Luxury List.
In addition, Craigieburn led the pack in terms of total auction sales so far in 2019 with 114 sales, followed by Bentleigh East and Glen Waverley with 107 sales in each.
In Reservoir and Mount Waverley 102 and 101 properties have sold under the hammer respectively.
APRA’s advice to relax lending standards coupled with two interest rate cuts is likely to have also been positive factors in this resurgence in the auction market, with clearance rates of more than 70 per cent for the past three consecutive weekends.
"The typically busy Spring season will be the true test to measure if the market has rebounded from a sluggish 2018,” said Mr King.
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