Melbourne’s auction clearance rate improved to 65 percent on Saturday from the previous weekend’s 60 percent. After a slow Queen’s birthday long weekend, more listings were noted. CoreLogic’s auction analyst Kevin Brogan cited the interest rate cut along with the retention of negative gearing and capital gains tax concessions for investors contributed to the positive condition over the weekend.
There were a total of 643 scheduled auctions and 485 confirmed results. The number of properties sold was 334 with 151 being passed in. Total sales amounted to more than $234,669,000 while the median price in the area was pegged at $764,000.
Real estate agents confirmed the housing market in Melbourne has regained confidence after the federal election and more bidders are taking part. Earlier, Domain economist Trent Wiltshire noted that the number of people attending open for inspections and auctions have increased while more people are also inquiring about home loans.
The Domain Group also reported that many beach homes were sold over the weekend despite the cold weather.
Saturday’s auction clearance rate was the highest achieved in one year.
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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.