Melbourne’s auction market recorded a 73 percent clearance rate on Saturday, lower than last weekend’s 75 percent but with more scheduled auctions. Data from CoreLogic showed that of the 974 properties listed for auction, 576 sold during auction, 125 sold prior to auction and 11 sold after auction.
Melbourne is still an undersupplied housing market due to recent strong house price growth, according to the Domain Group. Based on the latest ABS building approval report, the number of houses approved for building in the first seven months of 2017 was 1.3 percent lower compared to the same period last year. As for unit approvals, the rate also dropped by 16.9 percent.
In the regional side, auction activity is highest in outer eastern suburbs. The inner east, on the other hand, posted lower results. Overall, though, it’s still a sellers’ market in all regions.
Among all regional and capital city markets, Geelong achieved the strongest auction clearance rate at 87.1 percent as confirmed by CoreLogic property market analysts. This strong result is attributed to the tight market compared to the winter market. An influx of buyers from Melbourne was also noted which increased the level of demand for housing in the area.
In terms of house price growth, the August data showed a flatline across Australia.
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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.
