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Melbourne auction report 21 June 2019

"Hi, everyone. Well, we're starting to see at the moment that the market's actually quite starved of stock levels, and it's starting to really reward vendors who are prepared to venture out.

"We witnessed a three bedroom townhouse sell in Maidstone last weekend, and there was strong bidding from three parties. And all three parties were within $25,000 of the end sale price of 690,000.

"So, when you're starting to see multiple bidders like this, it's a really great sign that there is actually competition out there. It gives the vendor confidence that they've achieved a good price. But it also gives the buyers confidence that they're paying a fair price in what is a fairly transparent market.

"This auction certainly illustrates that we are in a fully functioning market at the moment, albeit that we are seeing significantly lower volumes than what we may see typically at this time of the year. But with the right property you're still seeing that there are solid opportunities around to be had from a buyer's perspective. But there is to a degree still some competition that's going to be had.

"The risk at the moment when we are starting to see these low stock levels is that buyers can get impatient and start to wanna pounce on the first thing that they see, as opposed to making sure that you are still buying the right property.

"Now, we are are moving now into the last weekend before the July school holidays, and the REIV is telling us that there's around 640 auctions this weekend. So, it's not too bad for this time of the year, but it's still obviously nowhere near the super Saturdays that we expect to see during autumn and spring. So, happy hunting."