Melbourne turned on the sunshine on Saturday for our first auction weekend of spring.
Our general view is that the weather doesn’t impact auction results, as buyers have usually made up their mind before auction day. But it certainly doesn’t hurt when the sun is out, the elm trees are budding with brilliant green, and the worst of winter feels like it’s behind us… (Until I saw the 12’C forecast for Friday).
It was threes all round on Saturday with Team Fetter/Sciola selling three from three, with three bidders at each auction.
56D Cromwell Road, South Yarra was particularly competitive with rapid fire bidding for a single level 1980s townhouse in need of a renovation. It was a genuine A-grader – great spot, north facing, brick, off street parking, with plenty of potential to renovate or build new.
Jellis Craig once again achieved an 81 percent clearance rate across 86 auctions (last week was 81% across 85 auctions), demonstrating the strength of the current market.
This weekend will be a busier one for volume, so we’ll see if the market can hold up under the weight of more stock.
While we have been very busy over recent weeks with an earlier than usual start to spring and great market share, our stock list for October and November is still looking a little thin at this stage.
Yet it’s only a matter of time until the returning confidence in the market we’ve seen building all year translates to more potential vendors coming to market.
Rates appear to be on hold for now, which most likely means they have peaked, and this should help buyers move forward with more confidence too.
Overall, it appears to be a very balanced market right now, with good opportunities for both buyers and vendors.
Feature property: 32a Cromwell Road, South Yarra
David Sciola 