Melbourne’s auction clearance rate improved slightly on Saturday to 62 percent from last weekend’s 61 percent. The number of scheduled auctions, however, dropped to 899 from 958 the previous week.
The number of reported auctions also went down to 685 from 710 while the number of properties sold was 449. Total sales recorded was more than $339,964,000 while the median price was pegged at $745,000.
Melbourne is considered to be a buyer’s market right now and buyers are encouraged to use more strategy when buying at auctions. The Domain Group said many homes that sold each week were transacting only after being passed in. In this situation, a negotiated outcome normally takes place within three to four hours of the auction.
A large number of pass-ins was reported in Melbourne on Saturday involving properties valued from $2 million to $4 million. The bids also came slowly at most auctions with many buyers letting properties pass in first before negotiating.
A real estate expert Greville Pabst, executive chairman of the WBP Property Group, said in a buyer’s market people can negotiate not only on the price but in other aspects. He said buyers can negotiate for longer settlement terms, lower deposit, repair certain things in the house and early access to the property.
On the national level, the preliminary clearance rate recorded from 2,089 auctions was 60.3 percent. This figure is below the 73 percent rate achieved a year ago and also below last week’s figure of 61 percent.
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By Wendy Chamberlain
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a Buyers Advocate gives her buyers an experienced voice they can trust when it comes to negotiating to purchase something as important as their new 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.