Melbourne’s property market was put to the test on the weekend with a flood of homes put under the hammer.
There were more than 1700 properties on auction for the weekend and the city recorded a reasonable clearance rate of 69.6 per cent.
CoreLogic’s Victorian director Geoff White told News.com there more auctions than expected and the sound clearance rate in the face of the large numbers showed buyers were still active in the market.
“It still shows the market is quite sound in terms of Melbourne,” he said.
“They are out there bidding still and vendors at this point in time are meeting the expectations of the market.”
“Anything in the high 60s and around 70 per cent is likely to be a reasonable outcome and shows a fairly balanced market.”
The north west market returned the best clearance rate of 78.1 per cent and Mr White said that was largely due to the area’s affordability.
“Some of the suburbs in the north west are below the Melbourne median house price and are attractive to first-home buyers and those who don’t necessarily want to extend themselves too much.”
Another 1600 properties are set to go under the hammer again in Melbourne this weekend.
