The Melbourne property market will begin the final month of winter supported by unequivocally strong results reported over the month of July.
This weekend well over 700 homes will again be offered for auction in Melbourne which is similar to the 776 auctioned last weekend and well ahead of the 612 auctioned over the same weekend last year.
Melbourne’s Western Suburban region continues as clearly the most popular area for auction activity with 144 homes listed to go under the hammer this weekend. Next highest is the inner south with 105followed by the North East with 101, the inner city 92, the inner east 89, the outer east 81, the north 63 and the south east with 55 auctions listed.
East Bentleigh the most popular suburb for auctions this weekend with 15 listed followed by Reservoir with 14, Mill Park 13, Port Melbourne 11, Werribee10, Richmond and East Hawthorn with 89 and Glenroy with 8 auctions scheduled this weekend.
The Melbourne home auction market ended July with yet another strong result for vendors with the local market skating through the usually quieter mid-winter auction period.
Melbourne reported a clearance rate of 76.2% last Saturday which was higher than the previous weekends 74.9% and higher than 75.7% this time last year.
Melbourne auction weekend results have averaged 74.8% over July which reflects continuing strong demand for property from mid-year buyers. It’s the perfect time to speak with JMAC about our vendor advocacy Melbourne service.
Outer suburban areas were again the top performers last weekend supported by increased activity by first home buyers in the budget market following recent changes to the stamp duty payable by this group.
Rates will remain at the current 1.5% for the 12th consecutive month. Latest economic data, however, remains mixed with the ABS national June jobless rate at a four year low but rates in Melbourne and Brisbane increasing sharply over the past year and now over 6%.
The recent surge in the Australian dollar would also concern the RBA following misguided speculation regarding potential increases in interest rates and being sustained by a lower US dollar. Rates are likely to remain on hold until the rest of the year.
At JMAC we know all the best growing corridors in Melbourne. Whether you are an investor, first home buyer or looking for a new property we are here to help.
Let us do a full market analysis of any property you are interested in purchasing. We will make sure you know the exact worth of any property, do not pay too much, do not waste your time going to auctions that are undervalued just to get the punters in. We know the best places to buy in any particular suburb, price and position are the most important decisions you will most likely ever make.
Let us you make sure you are making the right decision. Our buyers’ advocacy service is Melbourne’s best.