Hi,
The Domain Melbourne auction clearance rate has come in at 68% which is a solid result considering the high level of auctions that took place over the weekend. 984 auctions were reported, 670 sold, 214 sold and 100 were withdrawn. In comparison, the same weekend last year resulted in a clearance rate of 59%.
Whilst the lack of interest rate cuts (including another ‘on hold’ call last week) seems to have slowed down the urgency for some buyers to purchase a property, Saturday’s rain did not stop buyers from attending open for inspections or bidding at many auctions. Reports from many industry colleagues were consistent that open for inspections were very well attended and bidding at many auctions was competitive.
There are only two more weeks of auction campaigns and then some private sale properties will come onto the market before it quietens off for the Christmas break. Whilst there are always off market properties available, the level of these increases from now until mid December as motivated vendors looking to sell next year may actually sell now. Late last week we started to see an increase in these coming through.
Buying conditions over the next month should slightly improve whilst stock levels are higher and motivations of vendors are high (with many giving themselves a deadline of selling before Christmas). As a buyers advocate, this is my favourite time of year to be buying with often the last two weeks before Chistmas being one of our busiest times of the year.
Have a great week
Kim Easterbrook – Managing Director
