Melbourne’s auction market recorded a clearance rate of 60 percent over the weekend. Many first homebuyers felt being left out as more investors and international buyers took part in the auctions.
The number of scheduled auctions was still low at 173 while the number of reported auctions was 125. The number of properties sold was 82 with total sales amounting to more than $45,660,000. The median price in the area was pegged at $750,000.
As the housing market in Melbourne regains confidence after the federal election, clearance rates are at their highest level in a year. Domain economist Trent Wiltshire noted that the number of people attending open for inspections and auctions have increased. More people are also inquiring about home loans, he added. Wiltshire expressed optimism that the house price falls in Melbourne will end this year amid tighter lending rules and a slow economy.
Meanwhile, real estate agents have observed there are still vendors holding off despite the return of buyers in the market. The auction markets in other capital cities are less active with a small number of properties being sold.
The highest national average auction clearance rate since April 2018 was achieved in May with 62.6 percent. According to analysts, a rate of above 50 percent is a sign of price stability.
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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.