Melbourne’s auction clearance rate fell back to 60 percent on a cold Saturday from the previous week’s 62 percent. The number of scheduled auctions followed the same trend at 641 from the previous 821. Reports noted that the very cold weather caused a low attendance at some auctions.
The number of reported auctions was also down at 502 from 668 while the number of properties sold was 316. Total sales recorded was $225,311,000 while the median price was pegged at $780,000.
According to CoreLogic, Melbourne’s media house price slipped another 0.3 percent in June. The decline has been noted for seven straight months. CoreLogic head of research Cameron Kusher said the top end suburbs experienced the biggest drops while the more affordable areas were most resilient.
ANZ earlier forecast prices in Melbourne to drop by 10 percent. Moody’s Analytics, on the other hand, foresees house prices to grow by 1.5 percent this 2018 and 1.2 percent in 2019. This is simultaneous with the annual increases in the unit market.
The Domain Group, for its part, noted more apartment sales over the weekend with 72 out of the 114 auctioned units or a 62 percent success rate. Some auctioneers agreed that the buyer pool in Melbourne has decreased due to difficulty in raising loan finance.
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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.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.