Another 100% result reinforces REIV Auction Data

The REIV’s auction data for last month showed that metropolitan Melbourne recorded its highest monthly clearance rate since February 2018, hitting 68.2 per cent. The auction data for the whole of Victoria were equally impressive, reaching 67 per cent…the strongest figures since April 2018.

As we have pointed out in several of our weekly updates recently, one of the driving factors behind the improving auction data has been the ongoing shortage of available properties for sale. In areas like the inner-north, this has meant an increasing number of motivated buyers are being forced to compete strongly for the limited supply. As the Herald-Sun reminded us all in this weekend’s Realestate lift-out, “Hot competition for fewer homes is good news for sellers”.

Of course, buyers are also responding favourably to the double reductions in official interest rates by the Reserve Bank in June and July, and the APRA’s decision to relax lending standards on home loans. Indeed, we have already seen a move by the ANZ this week to adjust its income requirements on new mortgage loans.

Market conditions like these enabled our team at Barry Plant Inner-North to achieve another 100 per cent auction success rate this week, with the highlight being the auction of a stylishly renovated three-bedroom family home at 52 Wallace Street, Preston (pictured).

This character-filled home offered beautifully presented interiors featuring high ceilings, decorative cornices and polished timber floorboards, a crackling log fire as well as superb garden setting which could be enjoyed from almost every room in the house. An extra bonus was the location in a quiet residential street which still offered ready access to all the amenities that have made Preston such a highly prized location.

The well-attended auction saw four motivated buyers competing, pushing the price to an outstanding sale at $1.285 million, around 10 per cent above our happy vendor’s reserve price!

With results like these proving that the recent auction data is no flash in the pan, it’s a great time to have your property on the market in the inner-north. If you need any advice or assistance on preparing your property for market, feel free to give us a call.