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Auction activity back in full swing

By Matt Hurlston

Buying Malvern east real estate at auction saw a surge in popularity last weekend (May 4 and 5) following a slowdown over the Easter break.

Data from Australian Property Monitors (APM) showed 761 properties went under the hammer, which is notably higher than the 281 listed last weekend and 690 put up for sale 12 months ago.

A clearance rate of 73.4 per cent was recorded over the first weekend in May, leading the group to point to "steadying" in the market.

APM Senior Economist Andrew Wilson said the market is shaping up to remain strong throughout May, especially as buyers and sellers hope to complete transactions before the winter sets in.

"Melbourne's late autumn housing market performance will be enhanced by competition amongst banks that is pushing mortgage cost lower," Dr Wilson predicted.

He also believes that the low interest rate environment will stay around for some time, especially as inflation and wages growth is especially low at the moment and house prices are continuing to rise.

Buyers were particularly keen to purchase in the outer eastern areas of Melbourne, where the clearance rate stood at 82.4 per cent.

Meanwhile, the north and inner south registered clearance rates of 79.6 per cent and 77.4 per cent, respectively.

Looking to buy property at auction? Get in touch with Matt Hurlston at Ray White Carnegie to find the real estate you have always wanted.

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