VIC Excerpt from the 2020 August Market report

20 Aug 2020

Melbourne hosted 298 auctions over the second weekend in August. While the city's auction volume was down from the preceding weekend, the share of successful sales increased significantly from 55.1% to 73%.

Eliza Owen, head of residential research at CoreLogic, said the lower withdrawal rates in the city relative to the previous lockdown in April could have contributed to the higher clearance rates.

"The preliminary collection indicates only 18% of Melbourne auctions were withdrawn from the market the week, compared with a peak of 65% through the second week of April," she said.

Melbourne's Inner Region was the busiest of the sub-regions, hosting 47 auctions. However, the region with the highest share of successful transactions was Inner South, where 85.3% of the 41 auctions pushed through a sale.

Owen said the adoption of online sales methods made real estate agents and auctioneers more prepared to pivot towards a virtual auction environment.

"Furthermore, despite high levels of uncertainty, it is also interesting to see how quickly the auction market has rebounded as auction resumed across Victoria," she said. "If the last phase of lockdowns was anything to go by, the auction market and, more broadly, housing market activity, is likely to recover as restrictions are eased or lifted."

Area

Property Type

State

Median Price

Quarterly Growth

12 month Growth

Weekly Median Advertised Rent

Gross Rental Yield

Metro

Houses

VIC

$741,500

1.2%

3.6%

$420

3.0%

Metro

Units

VIC

$590,000

1.8%

8.4%

$410

3.7%

Country

Houses

VIC

$380,000

0.3%

5.8%

$340

4.6%

Country

Units

VIC

$300,000

1.7%

10.1%

$280

4.9%

Source: CoreLogic, August 2020

Top Suburbs : berala , mortdale , goulburn , ferntree gully , flemington

SHARE

Get help with your investment property


Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for a local mortgage broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus an appointment is free.

 
How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here