Auction results was interesting last weekend, the last weekend of the school holidays. While every other Australian capital city saw a sharp dip in auction clearance rates over the previous year Melbourne results remained solid even with the seasonal increase in spring property listings.
Melbourne had a healthy list of 807 auctions with a solid 495 selling and 206 being passed in plus another 257 private sales. The result was a clearance rate of 74% which shows that the market while still quite strong, the strength of vendors is being eroded from the strong buyers market evident earlier in the year.
With football finished for the season and kids back at school property listings will surge creating the best time of the year for families searching for a new home.
A rise in stock levels coupled with reduced investor activity has worked to reduce competition as the number of bidders at auctions thins out setting the scene for better buying opportunities.
So, if you have been looking for the right time to get into the property market or expand your portfolio, give Andrew a call on 8621 8484 and we will check your borrowing capacity and arrange a pre-approval.