Clearance rates over the weekend have lowered, but we have seen an increase of private sales across Melbourne. There were 1,073 auctions reported this weekend, with a clearance rate of 67 per cent. From those auctions 720 properties sold and 353 were passed in, 195 of those on a vendor bid. In addition to the auctions, there were also 476 private sales reported.
The prestige property market in Melbourne has been receiving some impressive results as the Spring selling season is on the home stretch to Christmas. We’ve been noticing record numbers of high-end properties being sold, with the multi-million dollar property club now accounting for two per cent of all transactions. It’s possible that the buyers who were unsuccessful a couple of months ago, when the competition was more fierce, have been lured back to the market with their hearts set on securing a prestige home. The top sale this weekend, was a house at 33 Hawthorn Grove, Hawthorn, which sold for $6,125,000.
In a downturn, prestige property sales are often the first to drop off, even a small percentage cut in price could mean a large sum of money when selling. However, recent sales figures are showing that Melbourne’s multi-million dollar market is very active.
As the year steams on ahead, it’s a pretty motivated time for vendors as well as buyers, who are both keen to transact before Christmas. It may still be considered a sellers’ market, but it’s obvious that buying conditions are becoming easier, as many vendors want to achieve a sale result before relaxing into the summer holidays. Recent clearance rates over the past few weeks indicate that the overall market is healthy, but not booming. We are expecting another couple of weeks with strong auction numbers of over 3,000 properties going under the hammer between 27th November and 4th December.