Monthly Market Update - July 2019
By Advantage Property | 11th Jul 19
Star performers: Glen Waverley and Bentleigh East
The auction market has definitely started to pick up in the aftermath of the Federal Election, as the Real Estate Institute of Victoria expected. June 2019 recorded a 67 per cent clearance rate for Victoria which is the highest monthly clearance rate in more than a year, since April 2018. For Metropolitan Melbourne, it was 68.2 per cent, the highest since February 2018.
Glen Waverley and Bentleigh East were star performers during June with 29 and 24 sales in each respectively. Craigieburn has led the pack in terms of total auction sales so far in 2019 with 114 sales, followed by Bentleigh East and Glen Waverley with 107 sales in each. In Reservoir and Mount Waverley 102 and 101 properties have sold under the hammer respectively.
APRA’s advice to relax lending standards coupled with two interest rate cuts are likely to have also been positive factors in this resurgence in the auction market, with clearance rates of more than 70 per cent for the past three consecutive weekends. The typically busy Spring season will be the true test to measure if the market has rebounded from a sluggish 2018.