Could buyers be gaining the upper hand again in the Melbourne property market? There were 863 auctions were held this weekend across Melbourne, with 623 selling, and 240 being passed in resulting in a clearance rate of 72%. In addition to the auctions, there were also 455 private sales recorded over the weekend. These latest figures are showing a change in the market.
It’s becoming apparent that house price growth in the city is slowing, while the number of properties listed for sale is up. Family homes with three to five bedrooms in favoured residential areas are still achieving strong results, in a high demand market.
The auctions we attended on the weekend reflect these trends, with family homes acheiving fair value sale prices. The market is competitive, but fair. Buyers are also making decent offers for homes before auctions, which can be seen with the increase in private sales. The final two weekends in May will see an expected 2,500 homes go up for auction, and we look forward to seeing the results.