Melbourne’s auction market slightly improved over the weekend recording a clearance rate 58 percent. The number of scheduled auctions 687.
The number of reported auctions was 507 while the number of properties sold was 320. Total sales recorded was $223,223,000 while the median price in the area was pegged at $766,000.
Properties that performed the strongest over the weekend were the renovated homes than the dated homes. These include the renovated Victorian and Edwardian cottages in favoured locations that attracted young families, professional couples, downsizers and singles looking for affordable homes.
Many properties in the eastern section of Melbourne passed in at auction on Saturday signaling a cooling housing market. The price correction currently going on has affected the sales of development properties.
The Domain Group’s June Quarter House Price Report showed the inner east experienced the biggest price falls in Melbourne with its median house price falling by 8.4 percent year on year.
Some real estate experts attribute the pass-ins to homebuyers who are nervous and more cautious with the current actions of banks and what’s happening worldwide. Some vendors are also unreasonable in setting prices.
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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.chamberlainadvocates.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.
