Melbourne’s auction market has been fluctuating in recent weeks and this Saturday, its clearance rate slipped again to 62 percent compared to last weekend’s 65 percent. The number of scheduled auctions also went down to 950 from 1,124 the previous week.
As for the number of reported auctions, there were 727 with 461 properties sold. Total sales recorded was more than $378,321,000 while the median price was pegged at $836,000.
While Melbourne continues to experience house price growth, the regional towns of Victoria and other suburbs are causing a house price boom outperforming Melbourne’s most in demand suburbs. In the year to February, they recorded a growth up to 34 percent.
Teesdale and Macedon are among the areas with the highest median house price growth at 33.64 percent and 32.45 percent, respectively. Other areas following the same trend are Soldiers Hill in Ballarat, the towns of Hastings, Tootgrarook, Tyabb and Winchelsea in Mornington Peninsula which also achieved a growth of more than 30 percent.
Real estate experts noted that young families looking to lead a more relaxed lifestyle prefer the regional towns away from the city. They also added that housing affordability and stamp duty savings and government grants for first home buyers have been driving house price growth.
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 2018 | All Rights Reserved
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent or Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their 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.chamberlainadvocates.com.au 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.
