September’s balanced market brings good buying.
Over the first three weekends of September more than 2,248 auctions were recorded by the Real Estate Institute of Victoria (REIV). 995 homes were sold at auction, with 792 homes passing in, 420 of those on a vendor bid. The clearance rate so far in September has averaged 60%, down on August’s 62.5%.
In September so far the Melbourne auction clearance rate has continued its trend down. 11 auctions in Camberwell on September 15 for example produced just one sale under the actual hammer.
Melbourne home prices have eased and that means with the right strategies there are opportunities to buy on more favourable terms. Affordability has improved.
Depth of home-buying experience from Buyer Marketing produced a great outcome for a home buyer in Pascoe Vale this month.
Two properties in the same neighbourhood were up for sale, both valued around $600,000.
Our buyer expressed keen interest in 1/3 Somerset St. Pascoe Vale and was determined to make an offer of $600,000 prior to auction. This substantial offer, given against our advice, sparked competition among other potential buyers and the house ended up selling for $665,000 at auction ($65,000 above reserve). With the second house at 18 Park St. our strategy was for more cautious negotiation, which successfully secured that home for $580,000. It is a larger property, presenting better value for our client!
Spring 2018 is fairly unique because it offers a chance for buyers to enter a more balanced market for the first time in five years. There’s less pressure to try and beat rising prices. And sellers’ expectations are being tempered.
Principal Advisor &
Licensed Estate Agent
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