Victoria’s property market has seen a huge uptick in homes sold before auction as buyers rush to secure pre-Christmas purchases.
PropTrack figures show the state recorded an early clearance rate of 59.3 per cent from 629 reported results on Saturday.
And nearly half of the sold properties snared deals ahead of their scheduled auctions in a notable increase to pre-auction sales compared to the final weekend of spring last year when less than a third of homes sold before auction.
Properties sold under the hammer are also continuing to surge with Christmas just thirty days away.
Ray White Victoria and Tasmania chief auctioneer Jeremy Tyrrell said there was no slowing down for the real estate market ahead of the holidays.
“Ray White Victoria and Tasmania recorded 265 scheduled auctions for the week, an increase from last week’s Super Saturday numbers of 254 auctions and a massive increase in volume of 33 per cent year-on-year,” Mr Tyrrell said.
The rear deck and back yard at the Blackburn home.
“The good news is that buyer sentiment remains strong and positive, despite a slight softening in the clearance rate over the past couple of weeks. The volume isn’t dropping as I have about 80 auctions to conduct between now and Christmas.”
Woodards Blackburn director auctioneer Cameron Way noted that his firm had recorded a 100 per cent auction clearance rate on Saturday and has noticed an increase in buyers wanting to secure a deal before auction.
“We had 25 groups through a home in Blackburn South coming up for auction and half of them were asking about buying beforehand,” Mr Way said.
One of two stylish bathrooms.
“There’s a little bit of anticipation with Christmas coming up and some people are trying to secure a home before then.”
One of the homes the auctioneer sold under the hammer on Saturday was 2/13 Esdale St, Blackburn, which flew $247,000 above expectations.
Three buyers competed for the three-bedroom pad, which was called on the market at $1.07m before selling for $1.317m.