Hi,
The first Super Saturday was scheduled last weekend and resulted in over 1,020 auctions being reported to Domain. Of those, 679 sold at auction achieving a clearance rate of 67%. This equals last week’s clearance rate of 67% on 718 auctions and ahead of last year’s clearance rate of 61%.
The property market is now in full swing and last week’s Super Saturday was a good starting point to gauge how the market is currently performing. There is definitely a lot more interest and higher confidence in Melbourne property this year. But…we are not seeing any signs or willingness from the majority of buyers to push their budgets to secure a property. Many properties are selling exactly where they should be in terms of value.
Price quote ranges are all over the place and are showing no indication of where the reserve price is going to lie. I bid at two auctions on the weekend, one auction didn’t reach the reserve price until 10% over the top of the quoted range… the other auction reached the reserve price in the middle of the quoted range and sold within the range, under the hammer, with three bidders. In both instances, the properties sold pretty much where the value was and the under bidders had firm budgets with what appeared to be no wriggle room above that. So whilst thus far we are seeing more activity, more buyers circling, more bidders, the auctions we have attended, mostly have not seen runaway results.
Have a great week!
Kim Easterbrook – Managing Director
