Melbourne auction review: Monday, 8 October 2018
Spring is here, and property listings are starting to bloom. Wakelin director Jarrod McCabe shares his observations on the market, including:
- the number of properties being listed
- current auction clearance rates, which indicate a buyer's market
- the importance of selecting good-quality assets.
Below is a full transcript of Jarrod's comments:
"The spring campaigns for 2018 are well and truly under way.
The major auction weekend for 2018 will more than likely be on the 27th of October, which is the Saturday before the Melbourne Cup long weekend.
This year, we've got REIV numbers indicating there will be around 1,400 auctions, which is certainly significantly down on this time last year, when we had close to 2,000 auctions for the same weekend.
The clearance rate at the moment is certainly sitting fairly comfortably at around 53%, which again is significantly down on the 70% zone we were sitting in in 2017.
So we're very much in a buyer's market at present, and that needs to be taken into account when assessing properties. Make sure that you are being choosy, and picky, to make sure that you are selecting the right property.
Please make sure that you focus on quality, and on selecting the right asset, because at the moment, there can be a lot of properties that look to be bargains, but they could be bargains for a reason."