The auction market in Melbourne on Saturday showed a strong performance and achieved a high clearance rate of 77 percent compared to last weekend’s 72 percent. This was despite a slightly lower number of listed auctions at 636 while the number of reported auctions was 474. Saturday’s clearance rate was the highest since June 10 this year.
A total of 371 properties were sold with total sales amounting to more than $250,306,000. The median price recorded went up to $750,000 from last week’s $740,000.
Despite the mid-year slowdown of the housing market in Melbourne, buyer and seller activity remained strong. First homebuyers were credited for the increased activity as they take advantage of the stamp duty changes that took effect on July 1.
For August, the weekend auction volume is expected to increase. Next Saturday, more than 650 homes are scheduled to be auctioned.
Melbourne’s suburbs in the south east recorded the highest clearance rate of 88.4 percent on Saturday. Following behind was outer east, the north east, the north, inner east, the west, inner city and the inner south.
On the regional level, data from the Australian Bureau of Statistics (ABS) showed that investor lending activity went up in May. The values of loans approved rose by 23.2 percent to $3.7 billion and this figure was the highest recorded since June 2015.
In terms of residential lending, the loans approved for the first five months of 2017 was $46.3 billion. This was up by 15.1 percent compared to the same period in 2016.
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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.
