The auction clearance rate dropped to 77% over the weekend as the number of auctions increased to 724. Of these 724 auctions, 560 sold at auction and 164 passed in. There were an additional 150 private sales.
There could be some early signs that we are heading into a more balanced market as some agents are reporting fewer bidders at auction and a few more pass-ins. This could be welcoming news for buyers as auction clearance rates have been sitting well into the 80%’s for the past 12 to 18 months. Stock levels are also on the rise which will continue to help balance out the market which should result in a confident, stable market for the first six months of 2022.
Whilst we saw a slight drop in the clearance rate, some strong auction results were still being recorded across Melbourne and Geelong with family homes continuing to be the strongest market. 48 Wallingford Street, Cheltenham sold well above the initial price guide of $1,330,000 to $1,400,000 with six bidders actively participating in the auction. The property sold for $1,671,000.
On the other side of the city, an entry-level house was popular with nine bidders trying to secure the property at auction. 81 Woods Street, Newport was advertised at $780,000 to $820,000 prior to auction which for a two/three bedroom liveable house is almost unheard of. The property sold at auction for $961,000.
Have a great week.