Melbourne once again showed a strong auction result on Saturday recording 78 percent. The number of listings, however, was low due to the Grand Final public holiday that saw the Tigers competing against the Giants.
The total scheduled auctions over the weekend was 49 while the confirmed results was 36. The number of properties sold was 31 with 5 being passed in. Total sales amounted to more than $24,157,000 while the median price in the area was pegged at $733,500.
Despite the holiday, real estate agents were confident homebuyers would go participate in the auctions. These included smart investors and young professionals bent on purchasing a home.
Clearance rates nationally have remained strong over the past weeks but according to SQM Research head of property consultants Louis Christopher, the figures are still down compared to last year. The low number of listings is negatively affecting the supply aspect, he added.
Reports also noted that banks are having difficulty managing the rising loan applications. Many loans are said to be not being settled on time.
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By Wendy Chamberlain
Copyright 2019 | 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 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.