Melbourne auctions: Clearance rate passes 80 per cent!
Stand-out houses smash their reserves by as much as $225,000 amid lack of stock!
That’s the title of the email that landed in my inbox this week. Its a relief to most involved in the Melbourne auctions and property market, except possibly home buyers who are now scrambling back to the market to grab the last of the ebb we have been experiencing in house prices.
We’d agree that there is a lack of stock at this starting point of Spring but if bookings for September are anything to go buy that’s finally turning too. Over the past year in the Melbourne auctions and property market, we have seen a reduction of probably about 30% in the volumne of property styling work. This, I understand, almost exactly reflects the reduction in actual volumne of houses and apartments going to market.
So what has changed in the Melbourne Auctions and Property Market?
If you wanted to know a little more about what has been happening in the Melbourne auctions and property market over the past few weeks; here is an extract from the email I received:
- Melbourne auctions: clearance rate passed above 80 per cent threshold
- There were 596 auctions held in Melbourne on Saturday, a slight lift from recent weeks as winter draws to a close.
- Domain Group had recorded an 81.2 per cent clearance rate from 456 reported results.
- Housing market sentiment has been picking up since the May election result, with two cuts to interest rates and a regulatory move to let buyers borrow more money also boosting confidence.
- Preliminary clearance rates have been edging above 70 per cent in recent weeks, picking up from figures below 50 per cent late last year. For the month of July, the final clearance rate was 67 per cent.
“Despite commentary suggesting that a lack of homes for sale in ‘Key Suburbs’ has pushed up clearance rates, analysis this week showed that historically, the opposite was true, with higher clearance rates in months with more auctions. Auctioneers on the ground have also reported a shift to higher starting bids and faster-paced proceedings. Even so, some buyers are unwilling to send prices too far above vendor expectations.”
You can also find more info here.
With September 2019’s Property Styling calender rapidly filling if you are considering staging a house for sale in Melbourne, I’d be contacting your property stylist today!~ (Shameless Plug: call me on 04027 262 583)