Although Melbourne’s weather was indecisive on Saturday, it seems buyers were not. It was a positive start to what is considered the first weekend of auction season for the Melbourne market. Some encouraging results were reported, with a return to a clearance rate of 56%, according to domain.com.au.
Although we are still some way from the results of this time last year, confidence was certainly stronger than at the end of 2018.
There was a noticeable rise in the number of active bidders – something we certainly witnessed firsthand – with most inner ring auctions averaging 4 – 5 bidders each.
It’s a promising start to 2019, and we’ll be here to keep you updated and informed along the way. While keeping up to date with clearance rates can help you get a general understanding of the market, it can be hard to know how to practically apply that knowledge to get the edge on the competition at auction.
Auction clearance rates are usually seen as being indicative of property market sentiment. However, whilst important, they only form a part of a wider picture. Engaging a professional to spend time conducting your market research is a sound decision. Inview Property Group are experts when it comes to auctions and providing detailed market research. Get in touch today if you would like to learn more about our services.
*domain.com.au data is sourced from Australian Property monitors.