• Number of auctions is decent this week but not yet comparable to previous year’s one
  • Auction clearance stands robust above 60% and 70% for the 23th and 14th consecutive weeks respectively, with 77%, 72%, and 78% from all three sources
  • Melbourne property values has recorded a 1.7% increase in September, the largest monthly increase since 2015
  • Recession in on the top of topic lists in the media, but will it happen? The simple answer is No
  • Properties with 700,000 – 900,000 will be the key range for inner- and middle-ring suburb purchases in next 2-3 years
  • 400-500K may be the hot range for outer-ring home buyers
  • High-end market leads this round rebound
Weekly Auction Clearance and Sales Results Melbourne

Property Market Overview
  • Melbourne property values has recorded a 1.7% increase in September, the largest monthly increase since 2015
    • 3.6% higher than the bottomed price in May this year
    • But remain 7.9% lower than the peak in 2017
    • Inner East and Inner South leading the rebound, with values up 5.9% and 4.7% over previous month
  • Recession in on the top of topic lists in the media, but will it happen? The simple answer is No.
    • The economy slows and inflation below the expected 2% target;
    • Wages stop growing for quite a long time, together with credit lender’s tightening lending criteria, limiting the household spending capabilities;
    • More pressure on employment rate, as more than ten thousand jobs are expected to be lost in construction industry within 2 years, due to this cycle’s property market slowing down;
    • Global economy continues its poorly performance and has no sign of recovery; BUT
    • Interest rates is historical low and further cuts expected by the 1st half of 2020;
    • Tax rates have been cut;
    • More infrastructure projects to stimulate the national economy with more jobs created
    • Population keeps growing with the help from immigration, adding to demand in properties and bring investment to the economy
  • Properties with 700,000 – 900,000 will be the key range for inner- and middle-ring suburb purchases in next 2-3 years. Given the relevant housing prices, units and townhouses with good public transports may be the top choices for home buyers as they are affordable and close to CBD working locations. Low-rise apartment with quality built may be a not bad choice as well
  • 400-500K may be the hot range for outer-ring home buyers. Old house with decent yards and house and land package will be top picks
  • High-end market leads this round rebound as they are less affected by the restraining bank lending criteria but more back on overall economic performance
Melbourne Weekly Auction Clearance – 19 Oct 2019

REIV

  • 77% Clearance rate of 677 Auctions
  • 76% Clearance rate of 852 auctions held last week
  • 50% Clearance rate of 923 auctions held this time last year
  • Detail
    • 434 Sold at Auction
    • 86 Sold before Auction
    • 1 Sold after Auction
    • 179 Private Sales
    • 156 Passed In
    • 64 Passed in Vendor Bid
    • 16 Withdrawn
    • 19 Postponed
    • 241 No Results
    • 80% Clearance for Houses
    • 72% Clearance for Units
    • $535M Total Auction Volume
    • $139M Total Private Sales Volume
Auction and Private Sales Results Highlights - Victoria - 19 October 2019

Domain

  • 72% Clearance
  • 43% this time last year
  • Detail
    • 828 Listed Auctions
    • 629 Reported Auctions
    • 483 Sold
    • 38 Withdrawn
    • 146 Passed In
    • $855,000 Median
    • $376.7M Total Volume

Realestate

  • 78% Clearance rate for 611 Auction Results
  • Detail
    • 856 Auction scheduled
    • 459 Sold at Auction
    • 5 Withdrawn
    • 2 Sold prior to Auction
    • 132 Passed In
    • 3 Sold after Auction
  • 972 Private Sales

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