The auction market in Melbourne slowed again on Saturday recording a lower clearance rate of 61 percent compared to last week’s 68 percent. The number of scheduled auctions, however, went up to 756 from 731 the previous week.
The number of reported auctions also increased to 581 while the total number of properties sold was down to 369. Total sales recorded was more than $264,643,000 while the median price was $747,000.
Buyers in Melbourne differ in their preferences. Some are now targeting the lesser-known suburbs close to the city with large homes, good transport and lifestyle. In the south-east area, people are looking in suburbs such as Black Rock and Beaumaries. Mentone and Cheltenham have also pockets of great family homes close to elite schools.
In the west, Kingsville is attracting buyers despite its being less popular compared to its neighbours. Another suburb that used to be an old working-class area but has changed significantly is Preston. Many older homes in the area have been renovated while new homes have also been built.
The Domain Group said attendees in home auctions have decreased this year due to various factors. House prices, meanwhile, continue to go up in Melbourne above the national average.
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By Wendy Chamberlain
Copyright 2018 | All Rights Reserved
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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.FollowWendy.com 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.
