Melbourne’s market is getting hot, especially our Auction Market! We can look forward to many Super Saturday weekends in the future!
Image Sourced from here.
Last weekend, almost 1200 properties were scheduled for auction across Melbourne suburbs. A clearance rate of between 79% (Domain) to 82% (Realestate) was achieved this past week.
Compared to last year’s clearance rate of only 48-55%, Melbourne’s Auction Market is doing much better.
It might be because today is a special day seen only once very four years, or because the market has been recovering quite strongly, we can expect many more properties going under the hammer today. An estimate of almost 1400 properties alone are scheduled for auction today across Melbourne.
Many buyers are entering the market with the mindset that there will be no properties selling for cheap due to the market recovery.
Many buyers are also entering the market to take advantage of the First Home Loan Deposit Scheme (FHLDS) introduced early this year. Properties being sold under the $600K bracket can expect much more interest due to the cap stated by the FHLDS.
The surge in number of buyers is always very good news for vendors!
Those looking to enter the market have two options. Take advantage of the market now while it’s still hot, or wait and see how things go. The choice is yours.
News sourced from here.