It was a confidence-boosting weekend for Melbourne’s property market after CoreLogic figures recorded an auction clearance rate of 67 per cent from a whopping 2078 auctions held.
State director at CoreLogic Geoff White said the figures suggest Melbourne’s property market isn’t falling away as much as some people thought.
“It’s a good result for not only sellers, but for buyers – the last thing you want is to buy and then the market drops away,” he told News.com.
“If you bought on the weekend, you can be confident the market’s performing pretty well.”
The healthy statistics came despite a weekend of inclement weather and the city holding the Grand Prix and Wakelin Property Advisory’s Jarrod McCabe said the market is showing resilience despite being a little softer than the same time last year.
“But we’re also seeing record volumes of properties up for auction – up 10 per cent from this time last year,” he told News.com.
This time last year Melbourne recorded a clearance rate of over 78 per cent from 1607 auctions.
“Given that there has been more stock on the market, last weekend’s preliminary clearance rate points to reasonable strength.”
According to the figures there are indications that action is returning to the top end of the market in Melbourne and Sydney.
Banks have been making recent efforts to increase lending to investors after lending restrictions approach their natural end and it was encouraging that top end of the market.
Melbourne buyers’ agent David Morrell explained to Australian Financial Review.
“In the last four weeks, there’s been a real change,” he said.
“It really has hit the go button. It’s surprised everybody.”