Melbourne’s property market remains uneven despite the low interest rates and the opportunities they present. There were 613 auctions held this weekend across Melbourne, with 438 selling, and 175 being passed in resulting in a clearance rate of 71%. In addition to the auctions, there were also 340 private sales recorded over the weekend.
The variability of Melbourne’s auction market was again on display on Saturday. While some locations experienced “volcano” auctions, with five or more bidders, there were also several lacklustre ones attracting only oe or two interested parties. There is still evidence of uneven quality in the market in some areas, such as the east and inner-north.
The stimulus that had been provided by the sharp fall in interest rates over the past few years has now flowed through the market, allowing more opportunities for buyers in addition to a slight increase in stock levels.
Heading into spring, there is a lot of hope for more stock coming onto the market. There is an estimated 744 auctions due to be held next weekend, as we wrap up our final weekend of the winter.
