Each week in February saw an increase in new listings and auction results, with Saturday being the biggest test of the 2023 market so far.
So far, so good. Clearance remains very resilient. Buoyant even.
A snapshot from Saturday:
Jellis Craig reported 79 percent clearance from 107 auctions.
The REIV reported 75 percent clearance from 780 auctions (compared to 1342 auctions the same weekend last year).
Domain reported 65 percent clearance from 988 auctions.
Realestate.com.au reported 64 percent clearance from 1179 auctions.
Clearly, each portal has different metrics for which properties to include in their results. For this reason, it is best to pick one portal so at least the reporting is consistent over time.
Interestingly, the clearance rates this past weekend were very much in line with the same weekend last year.
REIV, for example, reported 76 percent on this weekend in 2022, compared to 75 percent on Saturday, albeit on far lower volume.
Stonnington has had a slow start this year, but things are finally picking up.
I called my first auction of the year on Saturday. (Last year I had already called eight auctions by now).
The auction was for 46a Armadale Street, Armadale, and it was a competitive one, selling under the hammer with two strong bidders in front of a large crowd.
Meanwhile in Glen Iris, 57 Maitland Street also sold under the hammer with fierce competition, comfortably sailing past reserve with three bidders.
There seems to be good energy out there right now.
Momentum is building, with some quality homes finally hitting the market last week, this week, and next week, until we break again for Easter. May should be relatively busy… We hope.
We saw 47 groups inspect a renovated three-bedroom 1940s home in Glen Iris on Saturday. Clearly there is no shortage of buyers for quality homes, particularly those representing good value in the $1,000,000 – 4,000,000 range.
There are just five auction weekends left until Easter. If you haven’t bought by the 1st of April, that leaves May as your last real opportunity to secure a property before the slow winter months of June and July.
It is no wonder there seems to be a growing sense of urgency amongst motivated buyers, and a healthy amount of competition for the few box-ticking homes currently available.
Team Fetter/Sciola is taking over Armadale with three more beautiful period homes launching this week at 5 Barkly Avenue, 28 Hume Street, and 87 Kooyong Road.
Feature property: 28 Hume Street, Armadale
David Sciola 