Melbourne has experienced its first bumper weekend in spring with 894 auctions held, and a clearance rate of 75%. 669 properties were sold at auction, with 225 being passed in, 104 of those on a vendor bid. In addition to the auctions, there were also 380 private sales recorded over the weekend.
Buyers are enjoying the increased stock levels after the winter shortages, and have come out to secure properties hoping to move in by Christmas. There were a large number of boilover auctions with over four bidders, and a good test of the markets depth for the spring selling season.
For buyers looking to secure a property this spring, don’t be discouraged by the media reporting on properties selling well above their reserve. There are still plenty of opportunities to be had with the new stock arriving on the market each week.
Next weekend’s AFL Grand Final will give the market a little rest, as there are only a small number of auctions expected. We are looking forward to the first weekend of October, for the next big Saturday!
