Melbourne’s auction clearance rate slipped further by one percentage point on Saturday to 60 percent from last weekend’s 61 percent. The number of scheduled auctions was also down to 942 from 963 the previous week.
The number of reported auctions was at 740 from 749 while the number of properties sold was 463. Total sales recorded was more than $358,219,000 while the median price was pegged at $800,000.
During the weekend auctions, many prospective buyers were noted to be either making offers well below the published prices or not bidding at all. Buyers are said to be more critical these days. On the part of the vendors, the Domain Group reported they experienced more lows than highs.
More auction pass-ins were also noted particularly for properties valued from $1.5 million to $3.5 million. Many of these high-priced homes passed in on a vendor bid were in Armadale, Malvern East, Prahran, Brighton, Hampton, Carlton North and Fitzroy North.
With regards to apartments, those in the inner-suburbs valued below $70,000 outperformed houses situated in the inner ring. Entry-level houses, on the other hand, were most in demand in the outer suburbs.
Listings are currently strong across the city. Owner-occupiers and the location they prefer are driving the market while many home sellers are well motivated.
According to Domain Group data scientist Nicola Powell, Melbourne’s housing market conditions now are softer compared to last year’s. She added, though, that a balance between demand and supply is being achieved.
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By Wendy Chamberlain
Copyright 2018 | All Rights Reserved
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