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Weekly Auction Clearance and Sales Results – 17 August 2019 Melbourne

  • Number of auctions increased as spring is coming, but still lower than the same time last year
  • Auction clearance stands robust above 60% for the 14th consecutive weeks, with 79%, 73%, and 80% from all three sources, two of which shows 20% higher than the same time last year
  • Westpac gained a landmark win against ASIC on responsible home lending case in the Federal Court
  • The judgement effectively endorsed the legitimacy of the use of the Household Expenditure Measure (HEM) as a minimum living expenses benchmark in loan assessment
Weekly Auction Clearance and Sales Results Melbourne

REIV

  • 79% Clearance rate of 443 Auctions
  • 75% Clearance rate of 451 auctions held last week
  • 58% Clearance rate of 742 auctions held this time last year
  • Detail
    • 289 Sold at Auction
    • 63 Sold before Auction
    • 0 Sold after Auction
    • 158 Private Sales
    • 91 Passed In
    • 38 Passed in Vendor Bid
    • 12 Withdrawn
    • 9 Postponed
    • 132 No Results
    • 81% Clearance for Houses
    • 78% Clearance for Units
    • $350M Total Auction Volume
    • $95M Total Private Sales Volume
Auction and Private Sales Results Highlights - Victoria - 17 August 2019

Domain

  • 73% Clearance
  • 50% this time last year
  • Detail
    • 516 Listed Auctions
    • 401 Reported Auctions
    • 307 Sold
    • 20 Withdrawn
    • 94 Passed In
    • $881,000 Median
    • $223.6M Total Volume

Realestate

  • 80% Clearance rate for 424 Auction Results
  • Detail
    • 553 Auction scheduled
    • 337 Sold at Auction
    • 4 Withdrawn
    • 4 Sold prior to Auction
    • 79 Passed In
    • 0 Sold after Auction
  • 1025 Private Sales
Westpac gained a landmark win against ASIC on responsible home lending case in the Federal Court.
  • In September 2018, Westpac admitted it breached aspects of the National Consumer Protection Act and agreed to pay a $35 million settlement to ASIC;
  • However in November 2018, Justice Nye Perram rejected this settlement;
  • On Tuesday 13 August 2019, Justice Perram dismissed ASIC’s case against Westpac, key findings:
    • Westpac not breached responsible lending laws in its 262,000 home loans approved by its automated system;
    • The bank had adequately considered borrowers’ declared living expenses;
    • Knowing a borrower’s declared living expenses “tells one nothing” about their minimum spending.

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