All eyes on Melbourne as auctions continue: Market Wrap
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Jul 13, 2020
All eyes on Melbourne as auctions continue: Market Wrap
Victorian agents prepared to continue auctions and sales as the state goes back into lockdown, according to Ray White managing director Dan White.
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Ray White9 Thompson St, Glen Waverley for $1.190 million through Ray White agents Calvin Huang and Belinda Van Suylen.
With Melbourne going back into lockdown, the real estate industry watched with interest as sales took place in the past week as all auctions were held online once again.
This time, however, according to Ray White Managing Director Dan White, agents were well prepared for the re-introduction of restrictions.
“Regardless of the auction environment, Ray White offices continue to deliver exceptional results while providing their customers with a safe environment,” Mr White said.
“Today shows you that buyers still have confidence in Victoria's real estate market and they have embraced our purpose built technology.”
9 Thompson St, Glen Waverley for $1.190 million through Ray White agents Calvin Huang and Belinda Van Suylen. Photo: Ray White
One of the highlights of the week for Glen Waverley was the sale of 9 Thompson St, Glen Waverley that went for $1.190 million through agents Calvin Huang and Belinda Van Suylen.
Ms Van Suylen said the home was popular with buyers because of its clinker brick charm and character which is a bit out of the norm for the area.
9 Thompson St, Glen Waverley for $1.190 million through Ray White agents Calvin Huang and Belinda Van Suylen. Photo: Ray White
“We had two active bidders of four, in the end one of the neighbours was the winning bidder after deciding to move out of the family home but not wanting to go too far,” said Ms Van Suylen.
“There’s still quite a number of people looking to buy, especially in Glen Waverley where there are still certainly people who have pre approved finance and are actively looking.”
Auctions
CoreLogic has reported there were 1,202 homes scheduled for auction across the combined capital cities this week, similar to the previous week (1,224), although higher than this
time last year (847).
Of the 672 results that have been reported so far, 62.2 per cent were successful, up from last week’s final clearance rate of 60.2 per cent, and lower than this time last year (65.4 per cent).
Source: CoreLogic
The number of results collected at a preliminary stage are lower than usual as we seek to confirm the status of scheduled auctions.
In Sydney, 538 homes were scheduled for auction this week, down from 580 over the previous week, although higher than one year ago when 316 homes were taken to auction across the city.
Of the 294 auction results collected so far, 62.6 per cent were successful.
In comparison, the previous week reported a final clearance rate of 61.5 per cent, while a clearance rate of 72.8 per cent was recorded this time last year.
Source: CoreLogic
Despite re-introduced restrictions in Victoria around auctions, Gil King, CEO of the Real Estate Institute of Victoria said there were some of the strongest figures since the end of March.
“Glen Waverley (6), Highton (5) and Mulgrave (5) reported the most auctions in the State, and recorded 100 per cent clearance rate," said Mr King.
“Among Victorian municipalities, the City of Moonee Valley had one of the highest reported auctions, and cleared all 15 homes under the hammer.
"The City of Moreland followed, selling all 14 auctions.”
CoreLogic reported 475 auctions scheduled in Melbourne, up from 456 over the previous week and 348 over the same week last year.
Preliminary results show that of the 256 results collected so far, 63.7 per cent were successful, while 24.6 per cent were reported as withdrawn (compared with only 12.2 per cent of Sydney auctions).
The previous week saw a final clearance rate of 60.6 per cent, while this time last year, 70.6 per cent of Melbourne auctions reported a successful result.
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