Melbourne achieved a lower auction clearance rate on Saturday at 66 percent from last weekend’s 68 percent. The auction volume was at a high of 1,511 while the number of reported auctions was 1,057.
The number of properties sold was 721 with total sales amounting to more than $564,445,000. The median price recorded was $775,000.
First homebuyers continue to dominate the Melbourne housing market as shown in the increase in loans in Victoria by 33 percent compared to last year. However, latest reports note that they are still struggling notably in terms of finances.
First homebuyers in Victoria account for 26.2 percent of the state’s owner-occupier market. In the September quarter, their number went up by 33 percent compared to the same period last year.
According to the quarterly housing affordability report of the Real Estate Institute of Australia (REIA), Melbourne’s housing remains a major issue.
With the recent decision of the Reserve Bank of Australia (RBA) to keep the current interest rate level of 1.5 percent, lending rates have increased by 4.2 percent.
Many real estate experts believe that December is a great time to buy a house. This is because the competition is lower among serious buyers who are more focused on their Christmas celebrations buying gifts and cleaning up their homes and there is a high supply on the market.
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.
