property news Melbourne

Weekly Property News 4th Edition 2021

“Auction Results Hit Overdrive”

Hi Guys, it’s Dean OBrien from OBrien Real Estate with the 4th edition of the Property News for 2021 where real estate information is on the house.

Auction markets across the country are heading into overdrive. Across the combined capital cities there were 1,287 auctions with an overall clearance of 83.8%. The top-performing states are Victoria with an 85% clearance, NSW with a 92% clearance rate, South Australia with an amazing 96% clearance rate. Within OBrien, we are seeing a lot of our auctions achieve some great prices with many homes exceeding expectations and not just by a little bit but by quite a lot.

In anticipation of a buoyant real estate market in 2021 and beyond OBrien is evolving its technology and this week we have launched a revised website that incorporates some great tech and some great customer tools. The main tools we have are extensive suburb insights in the form of a live report for every suburb, city and town not just in Victorian but within all of Australia. We also have a Live Auction Bidding platform incorporated into our website into every individual auction listing through OBrien.

Another tool within our website is in each listing where we have all the local schools mentioned in the listing and for those that saw the REIV report with the Sunday Herald Sun would have seen that real estate within certain schools zones had up to a 39% premium in house prices as opposed to the homes within the same suburb but outside of those school zones.

In the news this week, a report was released by Datium Insights – Moody’s Analytics on Used Car Prices which reported vehicle prices rose 35.8 per cent in the year to January – the biggest lift in
prices since the series began in 1999. Used car prices also rose 4 per cent in the first week of February and this is because people increasingly prefer to drive themselves rather than relying on public transport and constant supply issues with new car imports due to the pandemic. And motorists will need to get used to dearer petrol prices with global oil prices at a 12-month high.

The US stock markets hit all times highs last Friday and US job data released showed slower than expected growth which raises hopes that Congress will pass the fiscal stimulus deal.

The Numbers
Let’s take a quick look at the numbers for the last week. Private sales across Victoria increased by over 200 sales to a robust 1482. The numbers within OBrien Network saw 118 new listings hit the market, 100 coming under contract and 108 confirmed sales with a top price recorded at 1.9 Million.

OBrien Real Estate property news 4th edition 2021

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That’s all for this week, I’m Dean OBrien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation or other advice in relation to your unique circumstances.