The auction market in Melbourne recorded a clearance rate of 65 percent on Saturday, up from last weekend’s of 61 percent. The number of scheduled auctions also increased to 1,124 from 756 the previous week.
As for the number of reported auctions, the figure also increased to 880 with 595 properties sold. Total sales recorded was more than $435,086,000 while the median price was pegged at $795,000.
Latest reports noted that government incentives continue to be a big help to first homebuyers. Data from the Australian Bureau of Statistics showed a surge in the number of first homebuyers since the stamp duty exemptions took effect in Melbourne in July 1 last year.
First homebuyers in Victoria are now exempted from paying stamp duty on new and existing homes valued below $600,000. A sliding scale concession rate is applied for properties valued between $600,000 and $750,000.
In terms of mortgage loans, first homebuyers in Victoria are also borrowing more. ABS data showed that loans for these people went up to $401.3 million from $370.6 million.
The housing market in Melbourne may be slowing but real estate experts agree that the competition among first homebuyers remains strong.
The Domain Group earlier noted that attendees in home auctions in Melbourne have dropped this year because various factors. House prices, continue to go up in Melbourne above the national average.
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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 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.
