Melbourne’s auction market recorded a 62 percent low clearance rate on Saturday, an improvement from last weekend’s 59 percent. Th figure, however, is still low despite a high volume of scheduled auctions at 821.
The number of reported auctions was at 668 while the number of properties sold slightly improved to 429 and 239 were passed in. Total sales recorded was down to $296,698,000 while the median price was pegged at $764,250.
Properties valued below $1 million attracted the most number of buyers on Saturday. However, even the blue-chip suburbs of Melbourne such as Balwyn, Brighton, Toorak and Sandringham did not gather as much prospective buyers who got discouraged by the reserve prices of properties including the older-style apartments in the inner city section.
The Domain Group noted that many properties were passed in over the weekend. The Real Estate Institute of Victoria reported that 134 or more than half of the properties were passed in on a vendor bid. In Balwyn, for example, four were passed in with two selling while in Balwyn North where eight homes went under the hammer, four were sold.
Several suburbs recorded a 50 percent clearance rate including Bentleigh East, Canterbury, Mount Waverley, Ashburton, Ashwood, Port Melbourne and Sandringham.
House prices are forecast to remain flat this 2018 until 2019. Leading economic forecast BIS Oxford Economics in its report Residential Property Prospects 2018 to 2021 said some housing markets particularly Melbourne and Sydney will experience a slowdown in the short term.
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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 over 20 years, Wendy loves that her role as a Buyers Agent or 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.