Passionate buyers still turned out on Saturday to brave the 35 degree heat, but it was vendors who were really feeling the heat with high stock levels giving buyers plenty of choice. This weekend, there were 934 auctions reported, and a clearance rate of 68 per cent. From those auctions, 632 sold, and 302 were passed in, 146 of those on a vendor bid. In addition to the auctions, there were also 358 private sales reported.

With less than two months left in the year, it’s worth noting that vendors had a relatively good October, as home values rose more strongly than in August or September. RP Data have released figures stating that house values in Melbourne increased by 2.1 per cent in October, and by 1.8 per cent over the last three months. Units had a small rise of 0.5 per cent last month, and 2.2 per cent in the quarter. Auction market conditions are similar to the private sale market in Melbourne, with the time on market tightening from 33 days to 31 days over the last week.

The November market has buyers spoilt for choice, meaning that vendors will need to recognise the shift in the competition. Fewer bidders at auctions and an increase in properties being passed-in on Saturday will also be making vendors feel the heat in this Spring market.

Last week’s drop in the dollar to a four-and-a-half-year low, would provide a further discount to a growing number of Chinese property buyers, who’ve been buying up in Melbourne, attracted by the schools and opportunities in the property market. However the full effects of the change in the dollar value won’t be immediately felt.

One thing is for certain, vendors with properties located close to transport links and amenities, in good streets, will not be short of interested parties. Our team have had one of the busiest week’s on record last week, and we’re looking forward to more of the same this week. To top it all off, there’s 1150 auctions scheduled next weekend!