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Melbourne Weekly Auction Clearance – 30 November 2019

  • Number of auctions is at healthy level, just below 300 higher than previous week
  • Though more properties on the market this week, auction clearance was higher, continuing standing robust above 60% and 70% for the 29th and 20th consecutive weeks respectively, with 77%, 74%, and 77% from all three sources
  • Forecast on 2020 Australian Property Market are positive, looking from 2% up to 11% increase nationally.
  • IL Visual would like to see a 3% – 6% mild increase nationally with Melbourne around 5% – 8% up. If price goes too fast in first half of 2020, we may see another intervention from the government.
Weekly Auction Clearance and Sales Results Melbourne

Property Market Overview
  • It comes to the end of 2019 and Christmas and New Year Long holidays are coming. Many vendors who want to sell their properties before the holiday jointed this week auction.
  • Auction clearance continues on its healthy level, indicating the boom of the housing property since Federal election this May.
  • Australian economic conditions are no where that can be called optimistic, but it cannot stop the forecast for 2020 Australian Property Price becoming one of the hottest topic in the country.
  • Media and property analysts made forecasts on what is going to happen in 2020 for Australian Property Price. The list is attached as below.
  • Except the last source making an extremely -50% drop forecast, all other 9 sources are on plus side, ranging from 2% up to 11% increase nationally. For Melbourne, it is usually 2-5% higher.
  • IL Visual think the price will continue on the up track in 2020, as more interest from first-home buyers following relaxed lending criteria for first home purchasers and government continuous support including new 5% deposit scheme that becomes valid from 1 Jan 2020.
  • Australian economy is weak. Good property market activities with mild price increase will help the whole economy. However the government will not be happy to see another soaring up of the property price. If property price jumps too fast at Q1 or Q2 2020, there will be very likely the government will intervene the market again.
  • From above two reasons, we would like to see 3-6% mild increase over 2020 nationally with Melbourne around 5-8% up.
2020 Australian Housing Market Forecast
Melbourne Weekly Auction Clearance – 30 Nov 2019

REIV

  • 77% Clearance rate of 1086 Auctions
  • 72% Clearance rate of 1034 auctions held last week
  • 48% Clearance rate of 1152 auctions held this time last year
  • Detail
    • 669 Sold at Auction
    • 155 Sold before Auction
    • 7 Sold after Auction
    • 191 Private Sales
    • 255 Passed In
    • 109 Passed in Vendor Bid
    • 35 Withdrawn
    • 22 Postponed
    • 367 No Results
    • 77% Clearance for Houses
    • 76% Clearance for Units
    • $839M Total Auction Volume
    • $119M Total Private Sales Volume
Auction and Private Sales Results Highlights - Victoria - 30 November 2019

Domain

  • 74% Clearance
  • 46% this time last year
  • Detail
    • 1328 Listed Auctions
    • 940 Reported Auctions
    • 729 Sold
    • 41 Withdrawn
    • 211 Passed In
    • $870,000 Median
    • $571.6M Total Volume

Realestate

  • 77% Clearance rate for 906 Auction Results
  • Detail
    • 1390 Auction scheduled
    • 685 Sold at Auction
    • 14 Withdrawn
    • 8 Sold prior to Auction
    • 194 Passed In
    • 5 Sold after Auction
  • 1100 Private Sales

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