Melbourne recorded a 74 percent clearance rate during Saturday’s auctions. It slipped from the previous 81 percent two weekends ago, considered the highest since April 2017.
More listings were noted with the total scheduled auctions at 704 and confirmed results at 531. The number of properties sold also went up to 511 with 120 being passed in. Total sales amounted to more than $338,184,000 while the median price in the area was pegged at $880,500.
Real estate agents said Melbourne’s housing market started slow this spring. One of the reasons is that many owners remain hesitant to sell despite the recent strong auction results while the buyers are increasing in number. Reports showed that new listings fell by 23 percent from January to August this year compared to the same period in 2018.
Domain economist Trent Wiltshire said an average of 11,000 auctions normally take place during the spring season. This figure is higher by 2,800 than in winter.
Meanwhile, home buyers are making a strong comeback in the market. With low interest rates and relaxed lending policies,they now have an opportunity to borrow more money.
On the other hand, family homes continue to be the most sought after property during auctions while investors are the most active buyers in recent months.
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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.