Melbourne achieved an auction clearance rate of 70 percent on Saturday, still considered a strong result. A strong buyer confidence was noted as the spring selling season starts amid the cold weather. It was the fourth consecutive week that Melbourne recorded a clearance rate of 70 percent or above.
More house listings were recorded over the weekend. There were a total of 474 scheduled auctions and 349 confirmed results. The number of properties sold was 257 with 92 being passed in. Total sales amounted to more than $186,456,000 while the median price in the area was pegged at $865,000.
The interest rates were considered a factor in the improved auction auction results in Melbourne. Domain economist Trent Wiltshire expects another rate cut from the Reserve Bank of Australia before the year ends.
More bidders took part in property auctions across Melbourne. These include developers and young families looking for affordable homes in the right locations especially those near schools.
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By Wendy Chamberlain
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.
