Melbourne’s auction market remains to be slow performing with a clearance rate below 60 percent. Over the rainy and windy weekend, it recorded a 58 percent clearance rate. The number of scheduled auctions was 642.
The number of reported auctions was 492 while the number of properties sold was 296. Total sales recorded was more than $217,951,000 while the median price in the area was pegged at $855,000.
Properties that performed the strongest over the weekend were those with redevelopment potential in top-notch locations. Also performing well were the sub $750,000 homes.
According to the Domain Group, nearly half of the houses on auction failed to sell on Saturday. Of the 492 reported auctions, 41.5 percent were pass-ins or houses that were withdrawn from sale. The low auction activity was attributed to stricter bank lending policies, lower bidder numbers and more cautious buyer behaviour.
Home buyers are still taking their time in deciding which property to buy. The market remains to be unstable with irregular results and volatile prices.
Some real estate agents report they are getting more offers from buyers but subject to finance approval. They are also noticing a rise in the number of prospective buyers who initially confirm to bid at auctions but eventually withdraw. Meanwhile, budget properties that require a lower level of finance or no loans are performing well in the market.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2018 | All Rights Reserved
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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.wendychamberlain.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.