The Run Home
With the Spring Carnival in full swing, Melbourne has very much been focused on the races and in particular ‘The Race That Stops The Nation’, however, in the world of real estate it was all about ‘Super Saturday’ on 27th October. This day saw 1,200 properties go under the hammer across the city, well under 2017’s number of 1,462 auctions, but well up on the previous weekend’s number of 769 auctions. Compared to last year’s clearance rate of 73%, this year’s rate dipped significantly to 52%, however Domain has reported that despite the lower clearance rate, the cut-through trend is a flight to quality, as buyers are still out in force for A-grade properties close to transport, on quiet streets and have been renovated in the Inner city suburbs. Our office's clearance rate of 70% on Super Saturday is clear evidence that there is still a strong demand in the city of Stonnington.
Further evidence of this trend was demonstrated on Super Saturday at the old Gatwick Hotel, where 5 apartments on 'The Block' went under the hammer. hockingstuart were extremely proud to represent both Norm and Jess who achieved $209,000 over their reserve price and also Kerrie and Spence who took home a whopping $415,000 over their reserve!
After the Spring Carnival, we will have a clear run of weekends without public holidays until Christmas with auctions all the way up to Saturday 15th December. With far fewer properties on the market this year (3,291 going to auction this year in October compared to 4,012 in 2017) we expect strong competition from buyers trying to secure themselves a property as the alternative option for them is to wait until the first auctions of 2019 kick off in late February.