Melbourne recorded strong auction results on Saturday with a clearance rate of 81 percent, up from last weekend’s 70.2 percent. This rate was much higher compared to the same period last year with only 52 percent and the highest since April 2017.
The total scheduled auctions was 596 while the confirmed results were 456. The number of properties sold was 380 with 76 being passed in. Total sales amounted to more than $279,297,000 while the median price in the area was pegged at $812,000.
Domain economist Trent Wiltshire revealed the high clearance rate surprised many people adding that it is a sign that more buyers are now in the market.
Real estate agents, for their part, confirm housing supply remains low at the moment but the number of buyers including investors has increased in the past weeks. They are optimistic that this strong momentum will continue in the coming months.
More bidders continue to take part in property auctions across Melbourne. Apart from first homebuyers, those who compete in the bidding include developers, investors and young families.
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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.