Melbourne’s auction market was steady over the weekend achieving a clearance rate 56 percent, similar from the previous week. The number of scheduled auctions was down to 484 from 526.
The number of reported auctions was also down at 377 while the number of properties sold was 220. Total sales recorded was $149,977,000 while the median price in the area was pegged at $709,000.
The Domain Group reported that property listings in Melbourne are five percent lower than the 2017 stock levels. It also cited that many prospective buyers are careful not to overpay for properties.
Mostly the inner and middle-ring suburbs had a good turnout of prospective buyers on Saturday. The high attendance is a sign that many people still want to buy a house and get into the market.
Real estate analysts are predicting further drops in auction clearance rates and house prices in Melbourne. SQM Research managing director, Louis Christopher, said a 49 percent level for Melbourne is consistent with the rapid slowdown in the area’s housing market.
Meanwhile, various factors are being considered for the low auction sales. These include tighter lending standards, slower mortgage processing time and the ongoing royal commission. This royal commission into bank lending has caused buyer enquiry levels to drop notably in inner Melbourne, according to real estate agents.
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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 or 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.