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Melbourne Weekly Auction Clearance and February Property Market Overview- 29 Feb 2020

  • Melbourne’s property market has survived from its second first major auction test in 2020, with around 1,400 properties went under the hammer.
  • There was no doubt that this week’s auction clearance was a boom time result, firmly standing above 70%, 79%, 77%, and 81% from all three sources.
  • Corona virus outbreak start to impact on building and construction industry, especially in its supply chain. Lack of materials and delay of time will further lead to the increase of property price.
  • In the past February, the whole nation experienced a 1.1% surge on house price index. More properties on market now and the demand from buyers are even stronger.
  • Media’s expectation of another interest cut from RBA in its tomorrow monthly meeting is high. However we are conservative over this topic, as there is no sign of better economy and the risk of another round of property bubble is on the fringe.
Weekly Auction Clearance and Sales Results Melbourne

Melbourne Weekly Auction Clearance – 29 Feb 2020

REIV

  • 79% Clearance rate of 1160 Auctions
  • 80% Clearance rate of 1134 auctions held last week
  • 57% Clearance rate of 891 auctions held this time last year
  • Detail
    • 723 Sold at Auction
    • 188 Sold before Auction
    • 1 Sold after Auction
    • 186 Private Sales
    • 248 Passed In
    • 108 Passed in Vendor Bid
    • 20 Withdrawn
    • 29 Postponed
    • 329 No Results
    • 79% Clearance for Houses
    • 78% Clearance for Units
    • $964M Total Auction Volume
    • $107M Total Private Sales Volume
Auction and Private Sales Results Highlights - Victoria - 29 February 2020

Domain

  • 77% Clearance
  • 55% this time last year
  • Detail
    • 1382 Listed Auctions
    • 996 Reported Auctions
    • 795 Sold
    • 33 Withdrawn
    • 201 Passed In
    • $895,000 Median
    • $609.3M Total Volume

Realestate

  • 81% Clearance rate for 1095 Auction Results
  • Detail
    • 1422 Auction scheduled
    • 874 Sold at Auction
    • 11 Withdrawn
    • 7 Sold prior to Auction
    • 199 Passed In
    • 4 Sold after Auction
  • 1106 Private Sales
Australia Weekly Auction Clearance – 29 Feb 2020
  • This week’s auction results indicate that the booming has been on its way, with the major two property market players Sydney and Melbourne gained boom time results despite the largest number of properties went the auctions during the weekend.
  • Sydney gained a 80% plus result whilst Melbourne stood firmly at 77%.
  • There are still some auction results not yet reported as indicated in the figures below, so we may see some drops on both clearance figures, but both cities have no question standing above 70% in final results.
  • Comparing with the same time in 2019, the number of properties on the market have been back to normal level, indicating more and more owners are now willing or considering to sell their properties.
  • And the boom time clearances show the buyers are also keen to explore the market to find their preferred spots.
Auction results Sydney and Melbourne 29 Feb 2020
Auction Results Comparison – Sydney and Melbourne
Number of Auctions Comparison - Sydney and Melbourne
Number of Auctions Comparison – Sydney and Melbourne
Property Market Overview – Feb 2020
  • From figures above, there is no doubt the market is hot now and probably will be hotter in next 2-3 months
  • Recently released Corelogic Data on February Home Value Index showed a 1.1% increase on national housing values, +1.7% in Sydney and +1.2% in Melbourne.
  • Among eight Australia’s capital cities, five have reached new record on house prices.
  • However, the economy forecast is not promising give the additional down pressure from the corona virus outbreak.
  • Media expects another interest cut from RBA on tomorrow’s monthly meeting, down to a new record low of 0.5%, to stimulate the economy and so does the property market.
  • Whether to cut the interest rate or not is now a dilemma for the Reserve Bank, to stay the existing level to retrain the property bubble and lose the economic growth? or another round of cut to save the economy from the depression but let the property market out of control? either way will be a loss someones in the country must have to take. The only question is which way will have the loss recovered sooner in the future?

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