Melbourne’s auction clearance rate improved further to 73 percent on Saturday despite the cold weather conditions. This rate above 70 percent was achieved for the first time since September 2017 and the strongest clearance rate since March 2018. Real estate agents confirmed this signals a renewed buyer confidence in the Melbourne housing market.
There were a total of 465 scheduled auctions and 583 confirmed results. The number of properties sold was 269 with 84 being passed in. Total sales amounted to more than $183,697,000 while the median price in the area was pegged at $799,625.
According to economist Trent Wiltshire of the Domain Group, the auction volume is still low and they are expecting this trend to continue as the school holidays start in the coming weeks. They are also forecasting a modest price growth of one to two percent by 2020.
On Saturday, many investors were reported to have taken part in auctions. They are competing with owner-occupiers in a bid to secure their most desired property.
The low auction volumes is normal during the winter season. Housing stock levels are expected to go up during the spring selling season.
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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.