- Melbourne’s property market this weekend has slightly higher number of auctions.
- Due to fears and pressures from COVID-19 pandemic, however, this week’s auction clearance dropped from 70% range to 60% mark, 66%, 62%, and 65% from all three sources.
- The COVID-19 pandemic effect had been observed in both Sydney and Melbourne, the two largest property market nationally, and we believe it will continues spreading in next one or two months.
- The winter may not come yet, but the summer time for the property market will likely end sooner than expected this year.
Melbourne Weekly Auction Clearance – 21 March 2020
- 66% Clearance rate of 927 Auctions
- 70% Clearance rate of 1023 auctions held last week
- 58% Clearance rate of 666 auctions held this time last year
- 450 Sold at Auction
- 161 Sold before Auction
- 2 Sold after Auction
- 162 Private Sales
- 314 Passed In
- 155 Passed in Vendor Bid
- 41 Withdrawn
- 22 Postponed
- 305 No Results
- 63% Clearance for Houses
- 72% Clearance for Units
- $391M Total Auction Volume
- $109M Total Private Sales Volume
- 62% Clearance
- 54% this time last year
- 1184 Listed Auctions
- 827 Reported Auctions
- 537 Sold
- 46 Withdrawn
- 290 Passed In
- $845,000 Median
- $370.4M Total Volume
- 65% Clearance rate for 771 Auction Results
- 1248 Auction scheduled
- 471 Sold at Auction
- 12 Withdrawn
- 16 Sold prior to Auction
- 259 Passed In
- 13 Sold after Auction
- 907 Private Sales
Australia Weekly Auction Clearance – 21 March 2020
- Both Sydney and Melbourne had slightly higher quantities of scheduled auctions. However, as indicated by graph below, preliminary auction clearances sat just above 60%, compared with last week’s final results of around 70%.
- Compared the scheduled auction numbers with reported auction ones for both cities and among three different times, we will expect a further drop of today’s auction clearances when more results are reported.
- All data implies that the COVID-19 pandemic has started affecting the property market.
- Less number of people attended open for inspections and auctions;
- Some buyers step back and decide to wait and see;
- Some others put their purchase plans back to shelves because of fears of job lost.
- As number of COVID-19 infection continues soaring, though we really do not wish to see, the property market may continue softening in next few weeks, even the median price back to downtrend will be observed with no surprise in next one or two months.
IL Visual provides premium quality and affordable 3D Rendering and Architectural Visualisation solutions for our clients. Starting from couple hundreds of dollars, client can get vivid 3D Photorealisic Images for 3D Exterior Rendering, 3D Interior Rendering, 2D/3D Coloured Floor Plan and Panorama 360 .