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Weekly Auction Clearance and Sales Results – 05 October 2019 Melbourne

  • Number of auctions is in healthy range, though lower than the same time previous year
  • Auction clearance stands robust above 60% and 70% for the 21th and 12th consecutive weeks respectively, with 76%, 75%, and 75% from all three sources
  • On 01 Oct 2019, the Reserve Bank decided to cut interest rate by another 25 basis to a new historic low of 0.75%. This is the third cut after cuts in June and July and means the rate has halved within four months
  • More calls from the public on the government reforms to boost productivity for long-term performance, which may include tax cuts, public housing, support new start-ups, infrastructure spending, etc.
Weekly Auction Clearance and Sales Results Melbourne

REIV

  • 76% Clearance rate of 562 Auctions
  • n/a Clearance rate of 60 auctions held last week (AFL Grand Final)
  • 55% Clearance rate of 803 auctions held this time last year
  • Detail
    • 358 Sold at Auction
    • 71 Sold before Auction
    • 0 Sold after Auction
    • 174 Private Sales
    • 133 Passed In
    • 61 Passed in Vendor Bid
    • 18 Withdrawn
    • 23 Postponed
    • 165 No Results
    • 80% Clearance for Houses
    • 71% Clearance for Units
    • $361M Total Auction Volume
    • $122M Total Private Sales Volume
Auction and Private Sales Results Highlights - Victoria - 05 October 2019

Domain

  • 75% Clearance
  • 47% this time last year
  • Detail
    • 716 Listed Auctions
    • 516 Reported Auctions
    • 406 Sold
    • 28 Withdrawn
    • 110 Passed In
    • $806,500 Median
    • $292.0M Total Volume

Realestate

  • 75% Clearance rate for 495 Auction Results
  • Detail
    • 742 Auction scheduled
    • 357 Sold at Auction
    • 10 Withdrawn
    • 8 Sold prior to Auction
    • 116 Passed In
    • 4 Sold after Auction
  • 814 Private Sales
The Reserve Bank Cut Interest Rate to 0.75%
  • Australian economy is weak
  • Inflation rate is lower than RBA’s expectation
  • This 25 basis cut is to support employment and income growth
  • However the RBA’s interest cut is only for managing short-term economic performance
  • More calls from the public on the government reforms to boost productivity for long-term performance, which may include tax cuts, public housing, support new start-ups, infrastructure spending, etc.
  • RBA’s interest rate cut and government reforms are not one or the other matter. Both should be implemented collaboratively to ensure Australian economy meet both short- and long-term targets

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