The Melbourne property market has been reawakened after the quiet long weekends in April, and with this comeback there is a bit of a reality check for sellers. There were 704 auctions were held this weekend across Melbourne, with 496 selling, and 208 being passed in, resulting in a clearance rate of 70%. In addition to the auctions, there were also 479 private sales recorded over the weekend.
The lower clearance rates recently could be a sign that buyers are willing to walk away from prices that don’t reflect fair market value, particularly in the mid-range houses and apartments markets. There are plenty of options to choose from in the B and C-grade property listings, and buyers are setting the pace for pricing. A-grade properties, which are typically well-located and well-presented are still being snapped up quickly at strong prices.
We are expecting favourable conditions for buyers in the coming weeks, with a few Super Saturdays on the calendar. There’s plenty of housing stock to choose from, and potentially the competition will be a little less fierce for buyers.