The auction market in Melbourne on Saturday achieved a 72 percent clearance rate, lower by two percentage point from last weekend’s 74 percent. A total of 673 properties were listed for auctions while the number of reported auctions was 490.
A total of 364 properties were sold with total sales amounting to more than $263,151,000. The median price recorded went up to $740,000 from last week’s $682,000.
The lower volume of auctions was due in part to the start of the school holidays. Lower auction numbers are expected again this weekend
with 520 scheduled to go under the hammer.
Home building activity is still on the decline amid a rise in housing demand. This is expected to raise house prices and rents onwards.
Melbourne’s inner suburbs, on the other hand, continue to record high clearance rates above 80 percent. However, real estate agents operating near the CBD pointed out the less expensive outer suburbs are where much of the growth in auctions is taking place.
Houses were noted to have outperformed apartments. A clearance rate of 74 percent was recorded for the 379 houses auctioned while the 111 apartments that were auctioned recorded only a 66 percent clearance rate.
Data from the Australian Bureau of Statistics showed that building of houses and units have declined this year. House approvals are down by 1.6 percent while unit approvals dropped by 13.5 percent compared to the first half of 2016.
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.
