Victoria's auction market has reached its highest success rate in 11 years, according to the latest report from the Real Estate Institute of Victoria.
The state liquidation rate for the month of February reached 84.8% for over 3,000 auctions. This success rate broke the record of 84% reached in 2010.
There were 17 suburbs in the state that reported a 100% success rate in their auction listings. These include Hawthorn East, Fitzroy North, Ferntree Gully, Rowville, Brunswick East, Sandringham, Seaford, Collingwood, Ashburton, Blackburn South, Fawkner, Wantirna, Boronia, Fairfield, Hillside, Seddon and St Kilda West. However, these suburbs had listings of 21 or fewer homes.
Reservoir was the best-selling suburb, knocking out 44 of the 53 auctions. Coburg came in second with 37 sales, followed by Bentleigh East (35), Preston (34) and Brunswick (34).
"While lockdowns, international border closures, and tightening of the purse strings affected many markets, it did not spell disaster for the Victorian real estate market like many evildoers did. ; said, "Gil King, CEO of REIV, told The Real Estate Conversation. .
King said support measures such as homebuyers' subsidies, mortgage repayment holidays and low interest rates have continued to boost activity this year.
"Strong demand statewide was also fueled by an increase in activity following the devastating lockdowns in Victoria, which saw thousands of auctions canceled," he said.
However, challenges remain, especially for mom and dad investors as changes to the residential tenancy law come into effect her month.
"It will disrupt the market with more paperwork and increased ownership costs," he said.
Top suburbs:
Whyalla
,
Will Parliamentstown
,
Penrith
,
West Wodonga
,
Tuart Hill
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