85% Auction Clearance Rate…
Auctions are now back in full swing in Melbourne, as Melbourne is regarded as the ‘Auction Capital of the World’.
As at the week ending November 1st 2020, there were 420 reported auctions with an auction clearance rate of 85%. This same time last year there were only 188 auctions with an auction clearance rate of only 74%.
Premier Daniel Andrews began easing restrictions for the real estate industry over 4 weeks ago and to the surprise of many, Melbourne property prices (especially for quality properties) are now holding firm and is tremendous news for Melbourne, which has been in lockdown for many months due to covid-19.
Additionally, we heard yesterday from the RBA on Melbourne Cup Day, a further reduction on the cash rate to 0.1%. This news will no doubt add further significant demand from buyers alike looking at purchasing a property.
Finally, given there are many auctions now booked for the remainder of this year, and it appears further easing of covid-19 restrictions are well on the way, we should have a very good indication of the ‘state of play’ for the Melbourne property market by December in terms of its future outlook. At this stage, the outlook is looking promising…
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