Last weekend was a massive weekend for auctions in Melbourne with a record 1506 properties going under the hammer in brilliant sunshine encouraging buyers to turn out in force, including my daughter-in-law!!
The market has demonstrated extraordinary resilience to return a healthy clearance rate of 73% with 956 properties selling on the fall of the hammer. 410 are yet to sell so there could be some bargains with 211 passing in on a vendor bid.
It is interesting to note the changing market conditions with the new under quoting laws introduced earlier this year; couple this with tighter lending policies and we find vendors more willing to consider pre-auction offers.
As clearance rates edge down from their lofty (and unsustainable) heights in the 80%+ earlier in the year, buyers are now generally paying the reserve, or just slightly above.
So, for those who have been waiting for a more balance market the time has arrived for action. If you need a pre-approval or a chat to discuss your investment strategy give Andrew a call on 8621 8484.
Remember, some of the best bargains for the year are closing in on us as Christmas approaches which can leave vendors and agents scrambling for a buyer. It's a long time until the market re-opens for business in February!!