Melbourne’s auction clearance rate further dropped on Saturday to a low of 54 percent from last weekend’s 58 percent. This was despite a higher number of scheduled auctions 771 compared to the previous week’s 642.
The number of reported auctions was also up at 590 while the number of properties sold was 329. Total sales recorded was more than $227,102,000 while the median price in the area was pegged at $782,500.
Properties that had strong sales included higher-priced homes. Many buyers, however, maintained a wait-and-see attitude. They are reportedly awaiting for the spring selling season in September when they have more choices and could avail of a discount. Some real estate agents also observed that buyers were not that eager to take advantage of good buying opportunities.
Other properties in Melbourne that attracted buyers over the weekend were those with potential for redevelopment with a good-sized block of land. Large blocks of land were attracting not only owner-occupiers but also developers.
The Domain Group reported that Melbourne’s south-eastern and inner city suburbs recorded the best auction clearance rates the previous weekend with 63 percent and 58 percent, respectively. Suburbs that did not perform well were the north-west (48 percent) and the west (49 percent).
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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.