A new record number of auctions were held in Melbourne on Saturday – with over 1500 properties auctioned. The clearance rate of 73% was a strong result from 1508 auctions recorded in Melbourne this weekend. From those auctions, 1102 sold, and 406 were passed in, 193 of those on a vendor bid. In addition to the auctions, there were also 442 private sales reported.
Our property advisors attended auctions in Mont Albert, Brighton, Elsternwick, Armadale and Blackburn South with all auctions attracting multiple bidders but not all selling under the hammer. This demonstrates that vendors expectations are not quite meeting the market, and are having to fail before their expectations come down to a level that will meet the market.
There are only a few more weeks of new properties hitting the market for auction this year and then we will enter into a period where private sales and off market transactions will become the more prevalent way that buyers will purchase property. We believe that we will still see some activity over what is a ‘usual’ quieter period due to the increase in buyers that we have witnessed this year, and some may even fail to purchase before Christmas arrives.