Melbourne’s auction market achieved a 56 percent clearance rate over the weekend, lower than last weekend’s 65 percent. Despite this with the low volume of homes for sale, the market is considered strong.
The total auctions was 143 while the confirmed results was 92. The number of properties sold was 5826 with 34 being passed in. Total sales amounted to more than $34,0,000 while the median price in the area was pegged at $737,000.
According to Domain senior research analyst Nicola Powell, vendors are more conscious of their pricing. She added that despite the few listings, there’s a high demand from buyers.
Domain has noted a high number of registered and active bidders including first homebuyers and investors. The competition is high among buyers these days.
Real estate experts confirmed there are still first home buyers struggling to get mortgage loans due to the corona virus pandemic. Many are taking a longer time to get pre-approved.
Buyer confidence has definitely returned in the Melbourne housing market.
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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.