Melbourne recorded a lower auction clearance rate of 51 percent over the weekend. The number of scheduled auctions on Saturday was 803 while the number of reported auctions was 589. Real estate agents that although the clearance rate was lower compared to the previous weekend’s rates, around 70 to 80 percent of properties sell within a week of a booked auction.
The number of properties sold was 318 with total sales amounting to more than $232,340,000. The median price in the area was pegged at $830,500. A trend being noted in Melbourne is the sale of residential properties post-auction such as in the northern, western and southern suburbs. While some homes sell within 30 minutes or so after the start of auction, some are passed in and sell two or three days after the auction.
The Domain Group reported that the number of homes not selling at auction or being withdrawn has declined during the first three weeks of March compared to the same period in 2018. A drop in non-sales and withdrawals from auctions was also noted from February (57%) to March (44%). The south-eastern region showed the worst performance with 55 percent of homes not selling during auction or being withdrawn. These include the suburbs of Springvale and Narre Warren. The inner east showed improvement with a 41 percent withdrawal rate compared to last year’s 44 percent.
According to real estate experts, this situation is due to a number of factors. These include stricter mortgage lending policies, fewer auctions and low housing stock for sale. Some vendors have also been noted to prefer private sales to take advantage of offers subject to finance. Still others want to wait for the result of the federal election in May and the overall property sales this year.
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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.