Melbourne’s auction market further improved on Saturday recording a 68 percent clearance rate last weekend’s 66 percent. The number of scheduled auctions also went up to 731 from 601 the previous week. The current clearance rate was also higher compared to the same weekend last year.
The number of reported auctions increased to 553 and the total number of properties sold was 386. Total sales recorded was more than $287,615,000 while the median price was $795,000.
On Saturday, properties on large blocks close to the CBD had the most bidders during the weekend auctions. More first homebuyers were also noted with some of them beating investors. The highest auction sale price achieved in Melbourne was $3.84 million.
More millenials and Gen Y buyers are now able to get into the property market owing to the absence of stamp duty on purchases below $600,000 particularly for first homebuyers.
The north-east of Melbourne has become one of the most in demand suburbs over the last quarter. According to realestate.com.au, the suburb of Warrandyte is most sought after now. The area is considered a family-friendly suburb with a median house price of $1.08 million. Demand for the area was 25 percent higher than any other suburb in terms of big block sizes, commuting distance to Melbourne and housing affordability.
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By Wendy Chamberlain
Copyright 2018 | All Rights Reserved
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a Buyers Advocate gives her buyers an experienced voice they can trust when it comes to negotiating to purchase something as important as their new 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.FollowWendy.com 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.
