Melbourne’s auction market recorded an improved clearance rate of 63 percent on Saturday, up from the previous weekend’s 57 percent. Multimillion-dollar sales were noted in several capital cities over the weekend including Melbourne, Sydney and Brisbane.
The number of scheduled auctions was down to 389 from 489 from while the number of reported auctions was 278. The number of properties sold was 179 with total sales amounting to more than $138,958,000. The median price in the area was pegged at $892,000.
The low turnout in home listings was partly due to the wait-and-see attitude of many Melbourne sellers. Another factor was the federal election. Real estate experts, however, still see the willingness of buyers to purchase homes that have been unsold for quite some time.
According to the Domain Group, more auctions is possible following the election. Domain economist Trent Wiltshire is optimistic auction volumes and sales will go up after a record low sales volumes in recent months due to the election.
Meanwhile, demand for apartments and units is on the rise in Melbourne notably near the CBD. Real estate agents, however, said there is an undersupply of bigger apartments now as more families and couples opt to live in high-rise residential buildings in the city. Construction of new apartments is expected to decline in the coming years, said Trent Wiltshire of the Domain Group.
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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.