• Auction clearance is now with no doubt in the proximity of 70%, and above 60% for the seventh consecutive weeks, with 73%, 69%, and 75% from all three sources
  • Auction clearance is now higher than the same week last year, though the number of auctions is still less
  • More media voices are now predicting the property price falls in Sydney and Melbourne will end later 2019 and mild price increases will more likely to be observed in 2020
  • RBA cuts interest rates to a record low of 1 percent after a 25 basis point cut in June, with financial markets predicting the cash rate would fall to 0.75 percent or even 0.5 percent by mid-2020
  • RBA would like to see the low interest rates to give the economy a boost, push the unemployment rate below 4.5 percent for the inflation to meet the 2 to 3 percent target
  • The record low interest rates will also help the property market to stabilize its price falls observed in major cities, and hope to encourage more buyers, especially first home buyers into the market with the loan lenders more willing to take new loans on first home purchases than investing ones
  • However RBA interest cuts may not be sufficient to turn around the weak Australian economy. Other measures such as tax cuts or spending on infrastructure may be needed
Weekly Auction Clearance and Sales Results Melbourne

REIV

  • 73% Clearance rate of 464 Auctions
  • 70% Clearance rate of 557 auctions held last week
  • 62% Clearance rate of 706 auctions held this time last year
  • Detail
    • 275 Sold at Auction
    • 62 Sold before Auction
    • 3 Sold after Auction
    • 173 Private Sales
    • 124 Passed In
    • 45 Passed in Vendor Bid
    • 23 Withdrawn
    • 21 Postponed
    • 36 No Results
    • 74% Clearance for Houses
    • 72% Clearance for Units
    • $278M Total Auction Volume
    • $116M Total Private Sales Volume
Auction and Private Sales Results Highlights - Victoria - 29June 2019

Domain

  • 69% Clearance
  • Detail
    • 465 Listed Auctions
    • 395 Reported Auctions
    • 287 Sold
    • 18 Withdrawn
    • 108 Passed In
    • $798,250 Median
    • $191.9M Total Volume

Realestate

  • 75% Clearance rate for 397 Auction Results
  • Detail
    • 508 Auction scheduled
    • 296 Sold at Auction
    • 4 Withdrawn
    • 1 Sold prior to Auction
    • 94 Passed In
    • 2 Sold after Auction
  • 1118 Private Sales

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