Melbourne recorded a low auction clearance rate of 44 percent over the weekend. This was an improvement as the clearance rates fell below 40 percent on four weekends this spring. The number of scheduled auctions on Saturday was 1,057 while the number of reported auctions was 755.
The number of properties sold was 353 with total sales amounting to more than $204,357,000. As for the median price in the area, it was pegged at $710,000.
In demand properties during weekend’s auctions were those fully renovated homes. A report from the Domain Group said that many families in Melbourne prefer large land sizes such as those from 750 square metres to 800 square metres which give owners more options.
Entry level properties priced below $750,000 continue to sell well and attract more bidders, according to real estate experts. Those at the higher end valued between $1 million and $3 million normally attract fewer bidders during auctions.
Many buyers were noted to be holding off from making offers at auctions. This strategy is said to be their way of getting discounts and paying less.
On the other hand, there are vendors eager to list their homes for auction until December 21, the last auction day of the year. Some have even reduced their prices to attract more buyers.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2018 | 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.