Melbourne auction statisticsw

Competition increasing at Melbourne auctions

Author: Ben Reid - Manager VAA

If you’re a regular visitor to our website, you will probably already be aware that we have been reporting an increase in the levels of confidence among homebuyers in Melbourne for quite some time.

What is important to keep in mind is that it’s not just our first-hand reports that are suggesting this solid level of underlying buyer activity, as a growing number of market analysts are reporting similar trends.

The latest analysis to indicate this rebound in confidence came from the Domain Group. Their latest set of monthly market statistics published last week show that the Melbourne-wide auction clearance rate hit 70.2 per cent through May. This was the first time this key market statistic had climbed above the 70 per cent mark since October 2021.

This is certainly a positive sign, as it reinforces the latest property price data from Corelogic that suggests that home values in Melbourne have risen by 1.6 per cent since February 2023, returning to the levels that were being reported at the end of 2022.

Figures like these are yet another reminder of the importance of getting experienced and objective advice and assistance when purchasing your next property. Whether you would like assistance in finding the right property in the right area at the right price, or perhaps having an experienced tactician by your side when it comes to bidding in the increasingly competitive auction environment each weekend, an objective Buyer Advocate could make an enormous difference to your end result, as well as your peace-of-mind throughout the process.

So if you are keen to make a move in 2023, don’t hesitate to give one of the team at Ian Reid Buyer and Vendor Advocates a call on 9430 0000.

You’ll also find lots of helpful tips for buyers in our free booklet, “WINNING BUYER STRATEGIES”, so be sure to download a copy while you’re here.

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