Melbourne Auction Clearance Rates Hits 90%
Updated: Mar 29
Surprising results isn't it? Or is it?
In the midst of one of the worse virus pandemic, Melbourne property auction clearance rates hits 90%.
This is 10% points higher than a "good-time" average of 80%.
So, what's happening? Is this the real story?
While real estate agents would want you you believe it's good time to sell, be vary...
Only just 363 auctions were held. This is almost two-thirds less than the week before. And it is less than half of what we're sold this time last year, when everyone was not buying.
That's not all gloom though. One of the reasons why auctions held was low, was because many sales had been pulled forward, and held during the weekdays, or have been converted to private sales.
And if you've been holding your breath, expecting prices to fall, don't. Breath now.
Prices have not fallen. At least not significantly. Many people had been overpaying for the last 6 months during the buying euphoria, anyway.
It's not time to expect bargain prices. Banks have openly announced that they'll give struggling home owners a 6 months holiday, so, prices are not going to fall anytime soon.
But there could still be an occasional bargain. You just have to keep a keen eye on the market.
Or we can do it for you. Get in touch with us. Sign up for a free notification when we've spot a bargain.
We can do the property inspection on your behalf as well, if you are unable to.