Melbourne’s auction clearance rate further slipped this Saturday to 61 percent from last weekend’s 62 percent. The number of scheduled auctions went slightly to 958 from 950 the previous week.
As for the number of reported auctions, there were 710 while the number of properties sold was 449. Total sales recorded was more than $325,446,000 while the median price was pegged at $825,000.
According to CoreLogic, Melbourne was the busiest city for auctions over the weekend. In fact, the busiest suburbs were in Victoria with Reservoir on top of the list (22 homes auctioned). Following behind were Camberwell with 18 auctions and Brighton and Kew with 16 auctions each.
Research group SQM forecasts that Melbourne house prices this 2018 will drop three percent. This latest forecast is attributed to the low property listings in the area. SQM noted that asking prices in Melbourne slowed after an increase of up to 22 percent at year on year levels. It added that the overvaluation of dwelling prices in the area will wind down over an extended period of time.
The auction clearance rates in Melbourne are at their multi-year lows. The slowdown coincided with the introduction of tighter lending policies in 2017 particularly for interest-only mortgage loans.
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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 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.chamberlainadvocates.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.
