Melbourne’s auction market recorded a 57 percent clearance rate on Saturday, down from 61 percent the previous weekend.
The number of scheduled auctions also dropped to 489 from while the number of reported auctions was 326. The number of properties sold was down to 190 with total sales amounting to more than $130,424,000. The median price in the area was pegged at $725,000.
The low turnout in home listings was partly due to the wait-and-see attitude of many Melbourne sellers. Another factor was the upcoming federal election. Real estate experts, however, still see the willingness of buyers to purchase homes that have been unsold for quite some time.
According to the Domain Group, the April quarter this year had the most significant decline in home listings since 2011 at 23.3 percent. Other experts foresee a slight increase in prices and volumes after the election while still others expect the housing market to balance. A possible rate cut could also improve the situation, they added.
But while many homes are languishing in the market longer now, those that are presented well and priced right continue to attract potential buyers. Auction still remains to be the popular form of selling and buying a home.
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.
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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.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.