A word from Philip Webb

A word from Philip Webb

Last week was the busiest auction week Melbourne has ever experienced, with 2000 scheduled auctions taking place across the city. To put this in perspective, the real estate industry will refer to a weekend as a Super Saturday when there are 1000 auctions – this was double that figure!

This significant jump in auction numbers resulted in clearance rates across Melbourne to drop to 75 per cent. Volume has come back into the market and with more options available, buyers have to decide which auctions they want to attend. And with fewer buyers at individual auctions, there are less competitive bids pushing prices way above reserve – a trend we have seen over the last three months.

After two years of experiencing periods of a booming market and clearance rates of above 80 per cent, we are now starting to see some equilibrium return to Melbourne’s real estate market.

So, what does this mean for property prices?

There will still be periods when you can buy well, but also sell well. And that is when choosing the right real estate agent for you and your property makes a really big difference. As the volume continues to come back to the market, agent selection and choosing someone who can give trust will be critical to the sale of your home.

As we head into 2022, the state of the market could go one of two ways. Most of the properties that are listed now will sell between now and Christmas, and the pool of properties will once again shrink. And the way the property prices go will depend on the number of properties that are listed early next year.

For advice on selling your property in the coming months or to chat about your options, give us a call today!