– Melbourne’s property market has not only survived from its first major auction test in 2020, with 1,000 plus properties went under the hammer today, but also obtained a beautiful score in the test.
– This week’s auction clearance was firmly stood above 70%, 80%, 79%, and 79% from all three sources, observing no declining on figures though extra 50% more homes went into this week’s auction.
– Following home buyers’ steps, investors are starting to come back into the market with some confidence on market conditions and lending criteria
– There is no doubt that Melbourne’s property prices are now on fast track moving upwards. With more properties sold hundreds of thousand dollars above the reserves.
– The only question is how long this heat will last this time? The national unemployment rate rose from 5.1 to 5.3 per cent in January and wage growth remains low, which put more pressures on housing affordability.
– The next auction weekend on 29 February will be another major test with 1,386 properties scheduled to go to auction across Victoria.
– More data coming out on the government’s 5% deposit schemes, and for those interested you can find more details inside.