Melbourne’s auction clearance rate slipped to 66 percent on Saturday, way below last weekend’s 72 percent. The number of listed auctions further went up to 1,446 from 1,407 last weekend while the number of reported auctions followed the same trend with 1,063.
A total of 718 properties were sold with total sales amounting to more than $554,367,000. The median price was $830,000.
Home values in Melbourne continue to grow ahead of Sydney. In the three months to October, house prices increased by 1.9 percent while those in Sydney dropped by 0.5 percent. In the past five years, the median house price in the area went up by 94.8 percent as shown by the latest Domain Group data. The median unit price also rose by 40.3 percent.
In terms of affordability, CoreLogic data showed Melbourne still has an advantage over Sydney.
In Victoria, first homebuyers are facing stiff competition in the housing market. In the latest land release in Stockland’s Mt Atkinson project, first-time buyers benefited from only a quarter of the total 84 lots. Nearly half of the buyers were upgraders while the others were downsizers and investors.
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.
