Melbourne’s auction market improved its clearance rate on Saturday with 76 percent compared to last weekend’s 74 percent. The auction volume went up to 1,035.
The total number of reported auctions was also up with 782 from last weekend’s 667. Of that number, 603 properties were sold and 11 were withdrawn. Total sales amounted to more than $498,975,000. The median price recorded went up to $844,500.
Auction volume is expected to continue to rise in the coming weekends until the Melbourne Cup next month when auction activity will once again pause. The low mortgage rates have played a significant role in the strong performance of the Melbourne housing market.
The south-eastern suburbs are still the top regional performers achieving a high clearance rate of more than 80 percent. Following behind are the western suburbs (79.1%), the inner south (78.6%), the north (77.8%), north-east (77.4%), inner east (72.3%), outer east (69.9%) and the inner city (64.2%).
According to the Domain Group, Victoria recorded an increase in lending and home buying activity notably from first home buyers. This was attributed to the stamp duty concessions. The August data from the Bureau of Statistics confirmed this as it noted a rise in housing finance from first home buyers by 40 percent compared to a year ago.
The stamp duty policy covers first home buyers who are purchasing residential properties below $600,000. It also reduces the taxes for properties by up to $750,000.
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 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.
