Despite having a lower auction volume on Saturday, Melbourne achieved a higher clearance rate of 79 percent. This figure is up from last weekend’s 76 percent. The number of scheduled auctions, however, was down to 50 from last weekend’s 1,160 during the Super Saturday due to the AFL grand final. This is also similar to the 52 auctions held over the same weekend last year.
There were a total of 29 reported auctions and of that number, 23 properties were sold. The total sales amounted to more than $13,724,000. The median price recorded was down to $718,500 from last weekend’s $800,000.
It’s normal for the number of listings to drop significantly during the AFL Grand Final long weekend. The day is usually considered as a day off for the real estate sector in Victoria. This is because homeowners believe not many people will be buying at auctions as they will be watching the sports event on television.
Some real estate agents also believe that it’s not ideal to sell a residential property during this so-called day off. The others, however, believe otherwise saying that this AFL long weekend can be a good opportunity to secure a property. There is also less competition during this time.
The Domain Group reported that Melbourne’s south east had the most number of listings on Saturday with 15. Following behind were the west with 11, the outer east with 7, the inner east with 5, the inner south and the north with 2 each and the north east with one.
In Victoria, investor activity among residential properties dropped sharply due to tighter lending conditions. Approved loans to residential investors went down by 21.2 percent in July. The first seven months of 2017, however, noted a solid increase of 13.0 percent in loans valued at $23.5 billion.
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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.
