Melbourne’s auction clearance rate improved to 56 percent over the weekend from last week’s 51. The number of scheduled auctions on Saturday was 775 while the number of reported auctions was 584. One of the factors behind the increase in auction sales was the lack of new homes.
The number of properties sold was 334 with total sales amounting to more than $239,048,000. The median price in the area was pegged at $835,500.
The Domain Group noted that among the Melbourne suburbs, those in the south-east notably Bentleigh and Bentleigh East performed well with 19 auctions. Seven were also passed in. Brunswick both east and west did not do well with only half of the total 18 auctions sold on Saturday. The tighter lending policies were cited as the main reason for the low sales. There are also buyers that require a subject-to-finance or subject-to-building-inspection clauses.
The trend of homes selling before auction remains. Real estate agents observed that with lesser supply of homes, buyers were making offers before properties went to auction.
The upcoming Federal election in May is seen to promote a more stable housing market in Melbourne. With favorable results, investor activity could go up particularly among those who want to purchase before the new negative gearing policies are implemented.
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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.