Melbourne’s chilly winter months are proving to be no deterrent for vendor’s hoping to sell, and it seems that buyers are continuing to provide decent numbers at auction (even on rainy days). There were 592 auctions held this weekend across Melbourne, with 431 selling, and 161 being passed in resulting in a clearance rate of 73%. In addition to the auctions, there were also 430 private sales recorded. These latest auction figures cap off July at about 17 per cent higher than this month last year.
The month of July has seen Melbourne hosting about 2,200 auctions, which is significantly higher than the 10-year average of 2,013 auctions. What could be causing this surge in offerings? Some vendors are trying to get ahead of the conventional wisdom that spring is the best time to sell, while buyer numbers are being fueled partly by the availability of cheap finance (particularly in the lower end of the market).
Properties within the 10 kilometre radius of the CBD continue to attract decent numbers of potential buyers, and the flow on affect from this is keeping other areas popular too. With winter wrapping up over the next few weeks, it will certainly be interesting to see what new stock is being offered prior to the spring surge in listings.