- This is the first auction week in 2020, though some auctions or sales happened in a week before
- As the holiday season was just over, not many properties were put on for auction this week. Still the volume was higher than the same time last year. So did the auction clearance as well
- Given the small volume for this weekend, the auction clearance result was weighted lower than usual, which are 69%, 65%, and 72% from all three sources
- The property market starts getting back, with a much faster pace. 1.2% increase in January 2020 and 5.8% up in Q4 2019. The price in Melbourne has already reached previous peak and passed
- Reserve bank in today’s first meeting in 2020 decided to keep the interest rate unchanged at 0.75% but is considering the possibility of another cut in mid 2020
2020 January Property Market
- First, Happy New Year!
- The last new year holiday was not quiet or smooth. The disastrous bushfire swept more than 6 million square meters Australian land, causing significant losses of lives and assets. Fortunately thanks to the continuous efforts of firefighters, SES staff and volunteers, and the cooling weather, the bush fire is under the control now. However, it is still unknown how large impact this bushfire will cause in coming years for the economy and the property industry as well. In an interview conducted by the media, builders warned that it would take five years to rebuild the bushfire affected areas.
- The property market starts getting back what has been lost since Q3 2019. But it was not expected that the pace has been so fast. Recent data shows both Sydney and Melbourne gains previous peak in the first month of 2020 with more than 5% increase on prices in last quarter of 2019.
- In past month, the property market continues its upside movement, with 1.2% increase observed.
- However we also should take those data with cautions. As the volumes were at the bottom in Christmas and New Year times. The price variation can be too large to be considered as an effective data intake.
- Still, people with an eye on the property market are now feeling the market getting hotter and hotter. A survey conducted by the media also indicates more than half of first home buyers now consider to make their purchases this year.
- If the listing volume has no sign to get improved, we will expect to see a new round of price increase but with moderate pace, given the frozen salary levels and soaring living costs.
- Today RBA held the first meeting in 2020 and decided to keep the interest rate untouched as the record low of 0.75%. The unemployment rate is better than expected thanks to part-time job increase, though permanent one experienced the loss. The economy is still weak and the salary condition has no improvement. Possibility still exists for another interest cut before May 2020.
Melbourne Weekly Auction Clearance – 01 Feb 2020
- 69% Clearance rate of 263 Auctions
- n/a Clearance rate of n/a auctions held last week
- 58% Clearance rate of 163 auctions held this time last year
- 140 Sold at Auction
- 40 Sold before Auction
- 1 Sold after Auction
- 521 Private Sales
- 82 Passed In
- 37 Passed in Vendor Bid
- 6 Withdrawn
- 6 Postponed
- 78 No Results
- 68% Clearance for Houses
- n/a Clearance for Units
- $128M Total Auction Volume
- $313M Total Private Sales Volume
- 65% Clearance
- 45% this time last year
- 133 Listed Auctions
- 85 Reported Auctions
- 61 Sold
- 9 Withdrawn
- 24 Passed In
- $748,500 Median
- $35.7M Total Volume
- 72% Clearance rate for 152 Auction Results
- 215 Auction scheduled
- 107 Sold at Auction
- 2 Withdrawn
- 0 Sold prior to Auction
- 40 Passed In
- 3 Sold after Auction
- 804 Private Sales
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