Melbourne recorded a 56 percent auction clearance rate over the weekend. The number of scheduled auctions on Saturday was 744 while the number of reported auctions was 549. Many of the properties sold were transacted after being passed in.
The number of properties sold was 322 with total sales amounting to more than $192,834,000. The median price in the area was pegged at $765,000.
In demand properties during weekend’s auctions were warehouse-style homes. According to the Domain Group, the main buyers of these properties were young couples and families planning to upsize. Single professional women were also noted to be active buyers.
Real estate agents in Melbourne are seeing more cautious buyers these days. Many of them are making offers on properties with certain conditions such as subject-to-finance clauses to make sure that they purchase the property they want.
Banks now have stricter policies on mortgage loans and require more details from borrowers notably their expenses. Most affected are entry-level buyers particularly those who do not have full-time jobs while second-time buyers are more likely to complete their purchases. Amid this scenario, however, Melbourne’s auction market is still performing well compared to the Sydney market.
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.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2019 | All Rights Reserved
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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.