Anticipation builds for post-grand final auction run home

Anticipation builds for post-grand final auction run home
Greville PabstDecember 8, 2020

The change of season brought some welcome warmth at the weekend, drawing people to Melbourne’s many auctions and open for inspections.

However, though crowds were out in force, there was little improvement in auction results, with the city once again achieving a clearance rate of just below 60%.

This uneventful start to the season comes as little surprise in light of the caution shown by Melbourne buyers in recent months, particularly with regard to flawed properties, of which there are many in stock at present.

With auction volumes set to increase by more than 30% in the next fortnight conditions are expected to improve, including an improvement in the quality of stock on offer.

But despite the imminent increase in stock in coming weeks the real change in Melbourne’s auction market may take some time to materialise.

Auction campaigns typically operate over three to four weeks, which means there will be a large number of auctions scheduled in the three weekends between the AFL grand final and the Spring Racing Carnival, and further activity in November through to December 17.

The interruption of these significant social sporting events will dictate the auction calendar in October and early November and redistribute the volume of auctions for the earlier part of the season.

Greville Pabst is CEO of the WBP Property Group.

 

Editor's Picks