- Melbourne’s property market has not only survived from its first major auction test in 2020, with 1,000 plus properties went under the hammer today, but also obtained a beautiful score in the test.
- This week’s auction clearance was firmly stood above 70%, 80%, 79%, and 79% from all three sources, observing no declining on figures though extra 50% more homes went into this week’s auction.
- Following home buyers’ steps, investors are starting to come back into the market with some confidence on market conditions and lending criteria
- There is no doubt that Melbourne’s property prices are now on fast track moving upwards. With more properties sold hundreds of thousand dollars above the reserves.
- The only question is how long this heat will last this time? The national unemployment rate rose from 5.1 to 5.3 per cent in January and wage growth remains low, which put more pressures on housing affordability.
- The next auction weekend on 29 February will be another major test with 1,386 properties scheduled to go to auction across Victoria.
- More data coming out on the government’s 5% deposit schemes, and for those interested you can find more details inside.
Melbourne Weekly Auction Clearance – 22 Feb 2020
- 80% Clearance rate of 947 Auctions
- 79% Clearance rate of 614 auctions held last week
- 53% Clearance rate of 982 auctions held this time last year
- 603 Sold at Auction
- 159 Sold before Auction
- 0 Sold after Auction
- 143 Private Sales
- 185 Passed In
- 77 Passed in Vendor Bid
- 17 Withdrawn
- 12 Postponed
- 229 No Results
- 81% Clearance for Houses
- 81% Clearance for Units
- $772M Total Auction Volume
- $97M Total Private Sales Volume
- 79% Clearance
- 55% this time last year
- 1123 Listed Auctions
- 832 Reported Auctions
- 672 Sold
- 17 Withdrawn
- 160 Passed In
- $880,000 Median
- $536.6M Total Volume
- 79% Clearance rate for 791 Auction Results
- 1186 Auction scheduled
- 602 Sold at Auction
- 12 Withdrawn
- 10 Sold prior to Auction
- 153 Passed In
- 14 Sold after Auction
- 979 Private Sales
Government 5% First Home Loan Deposit Scheme Review
- Recent data shows more singles and regional buyers are stepping up for this government’s 5% First Home Loan Deposit Scheme.
- For 6,500 of 10,000 spots have already been taken up in first 6 weeks, more than half of which are actually to single buyers.
- Except of Sydney which has much higher price tag than any other area in Australia, more than half of the applicants were under 30 year old.
- Among 6,500 certificates issued, 70% were for houses, 25% for apartments and townhouses took the left 5%.
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