Melbourne achieved strong results on Saturday with an auction clearance rate of 74 percent. So far, this is the strongest clearance rate since March 2018 and one of the main factors attributed to this is the renewed buyer confidence in the Melbourne housing market.
There were a total of 361 scheduled auctions and 256 confirmed results. The number of properties sold was 194 with 62 being passed in. Total sales amounted to more than $125,989,000 while the median price in the area was pegged at $770,000.
Economist Trent Wiltshire of the Domain Group noted that while the auction clearance rate was at its highest point, the auction volume was down by 30 percent copmared to the previous years. This has resulted in some properties selling above their reserves and a more competitive auction environment.
Real estate agents have also observed that many vendors were hesitant to sell because of the very low house prices in Melbourne at the moment. He expects more home sales in spring but this is only possible if prices start increasing.
In regional Victoria, the clearance rate was 71 percent over the weekend with 285 auction results. There were 179 properties sold at auction while 24 were sold prior to auction with 82 being passed in.
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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.