Melbourne’s auction clearance rate improved on Saturday at 59 percent compared to last weekend’s 58 percent. This was a big improvement from the low 54 percent in the past two weeks. The number of scheduled auctions was 725 compared to the previous week’s 791.
The number of reported auctions over the weekend was 553 while the number of properties sold was 340. Total sales recorded was more than $259,120,000 while the median price in the area was pegged at $800,000.
The spring housing market started slow for Melbourne, according to CoreLogic owing to a low clearance rate still below the 60 percent level. The slow start, however, is not unusual as the busiest selling period normally takes place in the latter part of September. CoreLogic added the market is quite different today compared to recent years with vendors reluctant to sell as property prices continue to fall and volumes drop each week.
The Melbourne real estate market remains unpredictable. On Saturday, only six out of every 10 auction properties were selling under the hammer. There were homes that had many bidders while the others such as the smaller terrace homes and land-only offerings were competing even for a single bid. Also, majority or 80 percent of 35 properties valued at more than $1 million in the inner Melbourne area had only one or no bidders. Of those properties, only 31 percent were sold.
For his part, Marshall White sales director John Bongiorno noted that A-grade properties are performing well in the current housing market. He told buyers not to make assumptions and do their homework well in this changing market.
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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.