Melbourne recorded a lower auction clearance rate on Saturday with 66 percent from last weekend’s 69 percent. More than a thousand homes were still auctioned on the first weekend of the autumn selling season.
The total number of scheduled auctions was at 1,306 compared to last weekend’s 1,380. The number of reported auctions was 989. Of those auctioned, 663 were sold and 20 were withdrawn. Total sales recorded was more than $559,191,000 while the median price was $880,000.
Despite the heat, buyers looking for cheaper homes flocked to the eastern and western sections of Melbourne on Saturday. Those living in one or two-bedroom apartments in the inner east attended auctions in the inner west in the hope of finding a bigger home at an affordable price.
Earlier, property experts said the Melbourne auction market passed its first test for 2018 with great results. They added that Melbourne still has desirable areas for all types of dwellers including first homebuyers. Also, they observed that while multiple bidders compete in certain areas, some buyers are playing it cool in other areas.
Meanwhile, house prices across Australia have dipped for the fifth straight month. In February, home values fell by 0.1 percent, according to a national property report released by CoreLogic.
On the regional level, the Real Estate Institute of Victoria remains optimistic that the high volume of auctions will continue in the coming weeks.
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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.
