Market bouncing back with 76 per cent clearance rate in Melbourne
A refreshing boost for Melbourne’s property market
If there were any signs that the market is picking back up, Melbourne’s top performing clearance rate of 76 per cent, which closed out June, is a promising one. The last weekend of the first half of the year saw Victoria’s capital city outshine Sydney, Adelaide, Brisbane and Canberra with a clearance rate similar to 2017 levels.
“An uptick in the clearance rate is a good indication that buyers are getting back into the market,” says Grant Wallace, Director at hockingstuart’s South Yarra office. The South Yarra office has been seeing the benefits of a high clearance rate first hand. Wallace adds, “A higher auction clearance rate is an indication that there is strong buyer interest and possibly even limited stock to meet the demand.”
Factors playing into the latest clearance rate
Currently we’re seeing lower stock levels in the market, with 73 per cent less stock available (average 700 properties this time in 2018 versus 460 this time in 2019). The reduced amount of homes for sale can be attributed to the Federal Election, as well as being in the purportedly ‘slower’ winter months, which is collectively adding to the performance of Melbourne’s clearance rates. This is a classic case of supply and demand but it’s promising news for those that have been holding off on putting their properties on the market, as now is the best time to beat the spring selling rush.
If you’re looking to sell, now is a good time to get your home listed. Want to know more? Reach out to a hockingstuart expert in your area today.