Despite the recent Australian stock market meltdown, Australia’s property market was in full health this weekend, even with a noticeable lift in the risk of contagion.
Agents declined to shake hands and encouraged bidders to keep their distance at auctions, but attendance figures remained high and many homes sold above reserve.
The 2220 auctions across the country returned a preliminary clearance rate of 70.6 per cent – much higher than the 51.4 per cent from the same weekend in 2019.
The number of homes sold under the hammer was 52.5 per cent higher than the previous weekend (1456), which saw much lower volumes due to public holidays in four states and territories, and 18.4 per cent higher than the year before (1875).
CoreLogic auction commentator Kevin Brogan said the results showed the virus outbreak had not yet had a major effect on the current “seller’s market”.
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“In the context, I think these are really strong results,” Mr Brogan told The New Daily.
“We did see a little bit of a dip overall, but the clearance rate across capital cities on a preliminary basis is still sitting above 70 per cent, which is quite strong.”
“It’s not really possible to look at these figures and determine that the coronavirus has had a market impact on the auction results – although there are perhaps other things that it may have impacted on.”
The growing risk of infection has encouraged some agents to shut down open for inspections and replace them with private viewings, Mr Brogan said.
And bidders are keeping their distance, wearing gloves and using more hand sanitiser.
So if you have been sitting on the sidelines watching other property investors around you going from strength to strength then you need to book yourself into the next Real Estate Investing Fast Track weekend live workshop!
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Join me and 40 like-minded property investors at the next
Real Estate Investing Fast Track Weekend!
MELBOURNE
(F.R.E.E. Tickets Worth $316)
Seats are strictly limited so book NOW in order to avoid disappointment…
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