Melbourne’s auction market slightly improved on Saturday achieving a clearance rate of 58 percent compared to last weekend’s low of 54 percent. The number of scheduled auctions was 791 compared to the previous week’s 771.
The number of reported auctions was also up at 602 while the number of properties sold was 359. Total sales recorded was more than $260,177,000 while the median price in the area was pegged at $797,500.
Young buyers particularly those under 30 years old were among the successful purchasers of homes in Melbourne over the weekend. In the suburbs of St Kilda and Hawthorn, for example, first homebuyers bought aparments while the others purchased affordable houses in the areas of Boronia, Craigieburna and Werribee.
Real estate agents agree that first homebuyers are more confident in joining auctions and are actively looking at open for inspections. Their active participation in auctions are said to be encouraged by the incentives provided by the Victorian government such as the scrapping of stamp duty on properties below $600,000 and stamp duty reductions for purchases below $750,000.
In another development, more homes in Melbourne are taking too long to see compared to last year. Data from the Domain Group showed that the number of days that a property stays on the market has increased this year in 19 out of 29 government areas. These include Casey, Cardinia, Stonnington, Frankston and Maribyrnong. Factors that contribute to this situation are the lending restrictions imposed by APRA, banking royal commission and the low auction clearance rates.
House prices in Melbourne have dropped in the last two quarters. They are also higher by only 0.5 percent compared to last year’s figure.
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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 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.