Melbourne and Sydney auctions bounce back

'Huge demand' for properties up to $1.5m


Giddy up Melbourney! Keep doing your thang

"There still seems to be a huge demand for properties in the $1 million to $1.5 million range."

 

Hi Leo,

I went to a few auctions over the last couple of weekends. All in Northern / Western suburbs of Melbourne and it was very busy. Also there are more homes being put on the market, so this tells me the market is firing up again and people are getting back into the swing of things.

 

@jpcashflow mate roughly what was the price range of the homes you were seeing?

Cheers

 

400+

 

Any idea how the 1mil plus markets are going?

 

Not at all

 

We virtually ignore making assumptions based on auction results in Jan every year as they're certainly not a fair indication of the general market here in Sydney. It's not until school returns that listing numbers rise and CRs improve. Don't forget the media have an obsession with RE generally (much like all of us LOL) and mediocre stories just don't cut it.....

 

Hopefully just as good.. I know its all gonna come to an end..until next time..i just want it to have its fullest harrah in the mean time.

 

Not yet Leo...

For the week ending Sunday 07 February 2016 in Vic, there were 262 Total Scheduled Auctions (good clearance rate at 80% though) and in NSW, 265 Total Scheduled Auctions (solid clearance rate at 70%).

262/265 is only a handful of Auctions per week compared to Nov last year, where there were over 2700 houses and apartments scheduled to be auctioned in one weekend in Vic and in Sydney, over 1100 in one weekend.

Auction Results Melbourne, VIC - Latest Weekend Results

Auction Results Sydney, NSW - Latest Weekend Results

Auction numbers hit record as prices fall

I think markets will be back in full swing by mid Feb, so it will be interesting to see if the numbers of auctions picks up, clearance rates and values.

 

And let's not forget that Sydney auction rates only tell 25% of the story

 

Feb will be interesting for sure. Fingers crossed there is still a little more steam... just that bit more..

 

Last week I went to glen Waverley one and passed in at 1 mil for townhouse but they're not many auctions going ard atm

 

On the early indicators, it seems prices are holding up. It would give Melbourne another couple of months at least. I don't know Sydney, so won't comment on that.

 

@Perthguy I only pay attention to the markets in Sydney I have invested in and from what I can see, values of homes, duplexes with 4 bedrooms up to 20km from the CBD in the 1.1-1.4mil range are holding their value well and in some cases selling more than expected.

 

I have been in vacant land sales (development and real estate) for over 10 years. I always say from between early Dec and Australia Day ignore the technicals. And you'll start getting a feel for where we are at in March with Feb data and what your seeing on the ground in March.

 

Don't believe Sydney is on any sort of move, you could always look at things in isolation and get the story/data you need.

I am now getting e-mails from agents with price reductions of houses (um, cannot remember one in last 3 years from any agent), they are not moving, it is finished in Sydney, even if you find pockets still going or flat, won't be for long or the general trend.