Melbourne’s auction clearance rate has improved to 61 percent over the weekend from the over 50.4 percent level in the month of April. Since the start of 2019, clearance rates have remained steady within the 40-50 percent range.
The number of scheduled auctions on Saturday was 589 while the number of reported auctions was 353. The number of properties sold was 222 with total sales amounting to more than $142,675,000. The median price in the area was pegged at $700,000.
Many real estate agents have observed that home buyers are now either bidding at auctions to take advantage of opportunities or not bidding at all and just maintain a wait-and-see attitude.
The Domain Group noted that listings are still low compared to the 2018 figures. This is attributed to watch and wait attitude among home sellers, according to senior research analyst Nicola Powell. Some are hesitant due to their finances while others fear they might be paying too much for a property. The upcoming election is also a factor in the housing supply being sold and the number of bidders eager to buy a home.
Meanwhile, investors were beating out home buyers in Fitzroy amid the rain. Real estate agents confirmed investors have been starting to get back into the property market in recent weeks.
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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.