Melbourne’s auction clearance rate slipped one percentage point on Saturday back to 61 percent from last weekend’s 62 percent. The number of scheduled auctions, however, was up to 963 from 899 the previous week.
The number of reported auctions also went up to 749 from 685 while the number of properties sold was also up at 468. Total sales recorded was more than $350,161,000 while the median price was pegged at $755,000.
Latest reports from the Domain Group showed that homeowners in Melbourne have been slashing prices to sell their properties. This trend has been going on for six months from the end of 2017 for both houses and units particularly in the inner areas, according to Domain Group chief data scientist Nicola Powell. The discount rate noted was 5.3 percent for houses and 6 percent for units.
The inner east part of Melbourne which includes the suburbs of Kew and Hawthorn has been hit the hardest with the unpredictable condition of the housing market. Houses there were said to be discounted by as much as 7.6 percent while discounts for units was 6.7 percent.
On the contrary, the outer suburbs would remain strong said Dr. Powell. The area is not likely to experience heavy price discounting moving forward.
In line with this trend, property analysts and real estate agents have warned Melbourne homeowners of tough times in the coming weeks and months due to the shift in property market favouring buyers.
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By Wendy Chamberlain
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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.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.