News

Melbourne auction clearance rates have slowed as vendors hit the market

26 November 2019

Property sales of Melbourne’s more expensive properties, which had built up some good momentum, appear to have stalled.

Last week there were a number of multimillion dollar properties in Melbourne that failed to attract a bid at auction.

The recent high auction clearance rates have brought sellers out of the woodwork and it has meant not all properties are being snapped up quite so quickly.

Emma Bloom from buyers’ agent Morrell and Koren spoke to Australian Financial Review.

“The top-end market had appeared to be coasting along,” she said.

“One week it is booming, the next it bombs.”

Auction rates on the weekend in Melbourne slowed to around 69 per cent from the 1013 auctions.

Domain economist Trent Wiltshire said the Melbourne market was stabilising after recent growth.

“Melbourne clearance rates look to have stabilised in the high 60s,” he told Domain.

“While this is a bit softer than a couple of months ago, auction numbers have risen and clearance rates are still strong.”

“Another indicator of a strong market is that there are still many properties selling well above reserve.”

Sellers look set for a good tussle with plenty of competition if they want to offload their property before the Christmas break.

 

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