Melbourne’s auction clearance rate slightly went down to 54 percent from last weekend’s 56 percent. The number of scheduled auctions on Saturday was also down to 750 from the previous week’s 775. The number of reported auctions was 495.
The number of properties sold was 282 with total sales amounting to more than $186,318,000. The median price in the area was pegged at $730,000.
The Domain Group noted that listings remain low and activity is well below compared to last year’s figures. This is said to be due to the watch and wait attitude among home sellers.
Some real estate experts point out the market is adjusting and believe it will start to settle after the Federal election. It was also observed that the number of people going to auctions and bidding have increased.
The more high end suburbs attracted more bidders compared to the others such as Delahey, Ivanhoe, Ascot Vale and Mill Park. Richmond had the most number of auctions on Saturday with 21 while seven properties were passed in.
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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.