WBP Market Wrap

Summer market sizzle still strong.

Summary
This year - Auctions: 1094 / Clearance rate: 79%
Last year - 
Auctions: 1539 / Clearance rate: 65%
Source: REIV

Last week we bid spring farewell and welcomed summer with open arms. The change in season is a sign of urgency for some property pundits and a welcome relief for others.

On one hand it indicates there’s just two weekends remaining until the unofficial closure of the real estate industry for the remainder of the year and early into next. On the other, it’s time to relax and reflect on the year that was 2016.

Stock shortage evident despite strong auction weekend.

Summary
This year - Auctions: 1238 / Clearance rate: 78%
Last year - 
Auctions: 1754 / Clearance rate: 65%
Source: REIV

It was the final lot of November auctions at the weekend, and market performance didn’t disappoint. More than 1200 properties were offered to the market, with a high absorption rate.

While clearance rates held up compared with last year, volumes did not. According to REIV, there was a whopping 1754 properties auctioned on this same weekend in 2015 - the 2016 volume consistent with reports of a 20% drop in listing volumes in Melbourne this year.

Summer frenzy builds with countdown to festive season.

Summary
This year - Auctions: 1001 / Clearance rate: 80%
Last year - 
Auctions: 1346 / Clearance rate: 65%
Source: REIV

With just four weekends remaining until Christmas, the pressure on property pundits is mounting. Failure to buy or sell in the next four weeks will mean a wait of up to eight weeks in most cases as the market pauses for the summer break.

Melbourne bringing "home" the money.

Summary
This year - Auctions: 990 / Clearance rate: 77%
Last year - 
Auctions: 1446 / Clearance rate: 70%
Source: REIV

It was another bumper weekend for Melbourne property. Unsurprisingly, the clearance rate for houses was higher than apartments, at 80% compared with 71%, respectively.

Over 20% of properties sold on Saturday did so before the auction, as buyers clamber to get a jump on the competition.

Volumes are expect to remain high throughout the remainder of November, at or above 1000 auctions per week.

Clear run for market to put clearance rate to the test.

Summary
This year - Auctions: 721 / Clearance rate: 79%
Last year - 
Auctions: 1115 / Clearance rate: 69%
Source: REIV

After a brief break for the race that stops the nation, Melbourne Cup, property pundits again switch their attention to the market.

The weekend gave host to more than 700 auctions, representing a reduction in numbers compared with recent weeks off the back of the Cup. However, the weekly number of auctions is expected to creep higher in coming weeks, fueled by a clear run for sales campaigns that were marred by major cultural events in October and November.

The real test of the market is how well the clearance rate will hold up against a string of high-volume auction weekends.

Spring super Saturdays are back.

Summary
This year - Auctions: 1114 / Clearance rate: 81%.
Last year - 
Auctions: 1551 / Clearance rate: 69%.
Source: REIV

Melbourne cracked the super Saturday threshold at the weekend, with more than one thousand auctions going under the hammer, of which almost 800 properties sold.

According to REIV, the strong auction result makes October to-date the highest performing month in the past six months in terms of sales.

High volumes are expected to continue for the remainder of spring, notwithstanding the drop in activity expected this weekend as would-be buyers and sellers pause to revel in the spring racing carnival and the race that stops a nation.