Based on Reported Auction Results*
Jun 6
|
169/326
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52%
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* Auctions Reported across Melbourne
(Sold on the day or prior to auction)
A Guide to Success Rates:
Over 70%
Market very buoyant – prices rising strongly.
60% to 70%
Demand fair to good – prices flat or increasing.
Below 60%
Fair at best – prices level or falling.
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Jun 13
|
409/787
|
52%
|
Jun 20
|
358/746
|
48%
|
Jun 27
|
322/656
|
49%
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Jul 4
|
241/500
|
48%
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Jul 11
|
252/490
|
51%
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Jul 18
|
256/466
|
55%
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Jul 25
|
295/562
|
52%
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Aug 1
|
259/471
|
55%
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Aug 8
|
329/544
|
60%
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Aug 15
|
266/486
|
55%
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Aug 22
|
258/480
|
54%
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Aug 29
|
302/528
|
57%
|
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Fees For Auction Bidding And Sale Negotiation Services:
Booking Fee $695 (includes up to 2 properties if required).
+
Balance $1,750 Fixed. Payable upon a successful purchase.
“Market Success Rate Slumps Post Federal Budget”
A broad residential real estate market with weekly auction success rates coming in under 60% is a weak market with property prices falling. It has been decades since we have reported success rates in the 40’s% so this price decline is now becoming sharp. As if uncertainty around the economy, inflation and government debt aren’t enough, the May Federal Budget with its capital gains tax backhander and the Victorian Government making ownership of investment property less and less attractive, the housing market is feeling it badly … And for an already very stressed rental market which for some years now has become increasingly difficult for tenants due to increased compliance pressures on landlords making properties less attractive to buy and thus supply the rental market, not many people out there are enjoying the ride. And this is happening at a time when the share market is going UP!
It will be interesting to see what the electorate makes of all of this in the upcoming State Election in November, to be followed by a Federal Election in 2028 – if the property market can survive that long.
Bruce Renowden
0412 100 501
“Showed How Experience Provided Us With An Immediate Advantage”
Over 45 years industry experience.
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