Analysis of last week’s property market data reveals that Melbourne property buyers are slowly returning to the market as Melbourne eases it’s way out of Stage 4 restrictions.

On the weekend starting October 3rd, there were 54 auctions in Melbourne, with a clearance rate of approximately 63%. Just under $4 million worth of real estate was sold at auction that weekend, with the largest sale being a 4 bedroom home in Vermont which sold for $1.1 million.

But CoreLogic predicts that auction numbers will rise significantly over the next few weeks as restrictions continue to ease. As of the 28th of September, property inspections can occur in a limited capacity.

While auctions remain scarce for now, non-auction sales are still going strong, with 839 non-auction sales in the week ending 4th October.

It’s great to see the real estate market slowly get back on its feet. Over the next 6 months time will really tell the impact of the pandemic, if Victoria follows suit of the other capital, it looks like more growth is to come and the resilience of the Australia residential property sector, has yet again, proved the market bears wrong.