Melbourne’s auction clearance rate slipped further on Saturday to a low of 56 percent from the previous week’s 60 percent. The number of scheduled auctions followed the same trend at 526.
The number of reported auctions was also down at 392 from last weekend’s 502 while the number of properties sold was 236. Total sales recorded was $162,783,000 while the median price in the area was pegged at $750,000.
The Domain Group reported that the best performers over the weekend were properties in very good condition or those that can be moved in right away. It also noted that the low clearance rate was partly due to the decision of many home sellers to hold out for their preferred prices amid the school holidays. Vendors of large family homes prefer to put their properties on auction until the latter part of winter or in early spring. During that time, there will no longer be holidays and sports events to disrupt their sales campaigns.
Earlier, CoreLogic reported a drop in the national sales of homes by eight percent. Current home prices are also said to be in their 2016 levels.
Meanwhile, first homebuyers in Melbourne are still having difficulty getting into the market despite the falling house prices. The number of affordable suburbs in Greater Melbourne has also dropped from 104 to 68. Falling off the list were Reservoir, Sunshine, Boronia and Keysborough. New data shows that city buyers who can afford to buy a house at less than $600,000 have fewer options compared to last 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 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.