Melbourne’s auction market achieved a 73 percent clearance rate on Saturday, lower than last weekend’s 77 percent. The number of listed auctions went up to 1,101 while there were 811 reported auctions.
A total of 595 properties were sold compared to last weekend’s 87 properties. Total sales amounted to more than $451,844,000 while the median price went up to $802,000 from last week’s $710,000.
Last weekend, first homebuyers dominated the auction market. Most were looking for affordable homes particularly in the outlying areas and cheaper apartments in the inner city. Since the start of the year, there has been a high demand for housing from younger buyers as shown in the record 9,000 auctions held in Melbourne’s outer ring.
Property experts have also noted that millennial buyers are beating investors for properties priced at $600,000. This price level exempts first homebuyers from paying stamp duty. Also, those buying properties valued between $600,000 and $750,000 also get discounts on their stamp duty payable as provided by the new policy carried out in July by the Andrews government.
In Victoria, a 72 percent clearance rate was recorded from 879 auction results. The Real Estate Institute of Victoria (REIV) reported 518 properties were sold at auction, 118 were sold before auction and 242 passed in.
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By Wendy Chamberlain
Copyright 2017 | All Rights Reserved
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With a passion for all things real estate spanning 18 years, Wendy loves that her role as a Buyers Advocate gives her buyers an experienced voice they can trust when it comes to negotiating to purchase something as important as their new 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.FollowWendy.com 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.
