Melbourne auctions swell, signalling buyer return
The numbers are promising
Auction clearance rates across Melbourne hit over 74 per cent at the end of July (CoreLogic), levels not seen since January 2018. As we edge closer to the spring selling season, these latest figures show the return of buyers and a rise in sentiment across the market.
Changing attitudes and sentiment in the market
The change in sentiment is also being echoed in the anticipation being felt at auctions. “Not only are we seeing more people turn up at auction, but we’ve noticed there has been a rise in bidders too,” says Yarraville Director Leo Dardha.
What’s behind it?
One potential reason for the increasing clearance rates is the fact that limited stock is hitting the market. But that won’t last long. Latest figures show that more people are eagerly listing their properties, with the last weekend in July seeing 471 homes go to auction (Domain.com.au), which was up 30 per cent from the 361 properties listed the week prior. And with spring just around the corner, these numbers are likely to continue rising, along with the thermostat! Dardha adds, “There is a renewed engagement and excitement, and this is reflected in the numbers. Right now is the perfect time to get your property listed.”
The dramatic shift is being noticed across the board with several reports coming out at the close of July talking about the revived volumes of buyers seeking their dream home. If you’re ready to get into the property market, reach out to a hockingstuart expert today.