The penultimate auction weekend for 2014 saw high volumes of properties going under the hammer. There were 1,266 auctions reported, with a clearance rate of 70 per cent. 881 properties sold at auction with 385 being passed in, 192 of those on a vendor bid. In addition to the auctions, there were also 486 private sales were reported.
The year is winding up with a bang as more than 1300 properties were on offer on Saturday. Some properties were even discounted in B-grade locations, presenting excellent buying prospects. Discounting of properties sometimes occurs at this time of year as vendors feel the pressure to sell before Christmas. Conditions like these where vendors require a quick sale is great news for buyers keen to snag a deal.
While clearance rates have been trending down since early November, there has still been a lot of movement in the property market. Many have taken advantage of the low interest rates to either get further ahead with their mortgage repayments, or upgrade.
What are your predictions for the 2015 property market in Melbourne? We’re expecting a strong start to the year, particularly in the inner suburbs. The talk of interest rates being lowered could have an effect of encouraging more buyers to pursue property, which will make it an interesting year! Next weekend is the final auction weekend for 2014, with 462 auctions scheduled.