Solid price growth in Melbourne in contrast to a moderating national market.
There have been about 17,300 auctions held in Victoria in the first six months of 2016 and about 56,400 total sales. The share of auctions sold as a percentage of overall sales was 22.4 per cent in January to June 2016.
Economic indicators fell slightly in Victoria, with consumer sentiment dropping 4.4 per cent in July. Financial markets have been volatile recently as investors have re-priced assets after the UK “Brexit” referendum. Most markets have continued to function effectively however. Election uncertainty persisted throughout most of the Westpac-Melbourne Institute survey period with respondents unnerved about the prospect of an inconclusive election result.