WBP Market Wrap

Christmas countdown to spur activity.

Summary
This year - Auctions: 904 / Clearance rate: 79%.
Last year - 
Auctions: 1291 / Clearance rate: 73%.
Source: REIV

It’s now mid-spring and by our calculation there’s just eight, or nine at best, weekends remaining before the real estate market closes for yet another year.

And, while the new season experienced a moderate start it’s starting to ramp up, as both buyers and sellers acknowledge the time pressures in realising a sale or purchase this year.

The year-to-date auction clearance rate has lifted slightly from 73% to 74%, following sustained and uncharacteristically high clearance rates for the past several months in response to lower than usual listing volumes.
Can this trend continue? In the short-term, certainly. But, time will tell.

Melbourne sets new apartment record.

Summary
This year - Auctions: 878 / Clearance rate: 83%.
Last year - 
Auctions: 1294 / Clearance rate: 72%.
Source: REIV

After a brief hiatus for the AFL grand final, Melbourne auction volumes have "bounced" back to pre-final levels. Buyers quickly mobilised to capitalise on the increased availability of property across the city culminating in a whopping 83% clearance rate, and a new record price for one bedroom apartments. Located in Melbourne's coveted East Melbourne and just 70sqm in size, 6/45 Gipps Street was the subject of intense competition between four bidders, who fought it out in front of a 70-odd crowd of onlookers - the property going under the hammer for $1,015,000, well over the $850,000 reserve.

The calm before the storm as spring buying frenzy approaches.

Summary
This year - Auctions: 831 / Clearance rate: 81%.
Last year - 
Auctions: 1139 / Clearance rate: 73%.
Source: REIV

Melbourne’s auction volumes remained consistent for yet another weekend, hovering around 800 in what has become the weekly norm for September. While volumes are expected to dip this coming weekend for the AFL Grand Final, the REIV is predicting back-to-back super Saturday’s in the weekends to follow, which will place some downward pressure on clearance rates – although WBP expects the city-wide clearance figure to remain above 70%.

Growth wave extends across Melbourne.

Summary
This year - Auctions: 756 / Clearance rate: 81%.
Last year - 
Auctions: 1052 / Clearance rate: 74%.
Source: REIV

With little pressure on buyers to sell, early spring listing volumes remain subdued, averaging just 800-odd auctions per week so far for September. However, buyers remain active, driving strong attendance levels at inspections and auctions across Melbourne.

Houses remain the best performing of all property types across the city, with affordability constraints starting to impact growth in some areas, while the wave of growth, albeit to a lesser extent, ripples to neighbouring areas.

Melbourne listings slow to 'spring' into action.

Summary
This year - Auctions: 783 / Clearance rate: 79%.
Last year - 
Auctions: 1082 / Clearance rate: 75%.
Source: REIV

Clearance rates remained stable at 79% for the third consecutive week, upholding the year-to-date average of 73.64% for Melbourne auctions.

Initial spring listings have remained modest, however, volumes are expected to increase towards the end of September following school holidays.

Lacklustre start for spring auctions with quality in question.

 

Summary
This year - Auctions: 712 / Clearance rate: 79%.
Last year - 
Auctions: 932 / Clearance rate: 75%.
Source: REIV

The weekend gave host to the new season’s first residential property auctions, with lacklustre listings contributing to a slow start to the spring market.

The number of quality listings remains infrequent across the city, particularly in South Yarra, Kew, Albert Park / Middle Park, St Kilda, Hawthorn and Armadale - an uncharacteristic trend in such a strong market, particularly at the outset of spring.