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Time to ramp up your search!

Last Saturday was the last day of the Spring racing Carnival, still, auction numbers were still solid, testament to the robustness of the Melbourne market.

There were some 924 options with 551 selling on the fall of the hammer with 250 being passed in of which 120 were on a vendor or bid. The clearance rate was another solid 73%.

With the number of private sales continuing to rise the conclusion can be drawn that vendors may be seeing a shift in the market where they are now more amenable to accepting pre-auction offers from real estate agents keen to ensure a sale.

It was interesting on the weekend, despite the sunny conditions the number of bidders were substantially down from October. Many auctioneers reported only one or 2 bidders compared to 4 or 5 bidders going head to head in a hot October market.

Andrew's observations:

While market conditions in Melbourne are still the most robust in the country, prices have probably peaked and are trending towards a buyers market creating opportunities that we haven't seen for some time.

If you have been waiting for the market to come off a little, now might prove to be the time to start scanning www.realestate.com.au  Indeed one of my clients who has been searching for a home since February has finally found a property he is confident of winning this coming Saturday.

If history repeats itself as it has done year after year, we are now approaching a period where vendors are becoming anxious to ensure they sell at auction or immediately afterward as buyers start shifting their attention away from property and towards preparing for Christmas.

Time to act!

Last Saturday was the last day of the Spring racing Carnival, still, auction numbers were still solid, testament to the robustness of the Melbourne market.

There were some 924 options with 551 selling on the fall of the hammer with 250 being passed in of which 120 were on a vendor or bid. The clearance rate was another solid 73%.

With the number of private sales continuing to rise the conclusion can be drawn that vendors may be seeing a shift in the market where they are now more amenable to accepting pre-auction offers from real estate agents keen to ensure a sale.

It was interesting on the weekend, despite the sunny conditions the number of bidders were substantially down from October. Many auctioneers reported only one or 2 bidders compared to 4 or 5 bidders going head to head in a hot October market.

Andrew's observations:

While market conditions in Melbourne are still the most robust in the country, prices have probably peaked and are trending towards a buyers market creating opportunities that we haven't seen for some time.

If you have been waiting for the market to come off a little, now might prove to be the time to start scanning www.realestate.com.au  Indeed one of my clients who has been searching for a home since February has finally found a property he is confident of winning this coming Saturday.

If history repeats itself as it has done year after year, we are now approaching a period where vendors are becoming anxious to ensure they sell at auction or immediately afterward as buyers start shifting their attention away from property and towards preparing for Christmas.

Time to act!