If you've been waiting for the right time to get your first home in Bentleigh, your patience might just pay off soon.
A recent report from Core Logic RP Data reveals September 12 weekend auction volume and clearance rates. A combined preliminary clearance rate of 72.1 per cent was recorded across Australia's capital cities, with 2,615 auctions being held. Despite almost consistent increases over previous year's figures with auction clearance rates, this represents a 0.2 per cent drop compared to the same weekend in 2014. Furthermore, the volume of auctions held this week was a significant rise over the same weekend last year, which had 2,080 auctions.
The results are hardly different for Melbourne. Last weekend saw a preliminary clearance rate of 73.7 per cent, which may have been a 0.3 per cent increase from the same weekend last year, but is a drop from last weekend's rate (75.1 per cent). Similarly, the number of auctions this weekend (1,181) was an increase over last year's figure (1,018). This is evidently a change from the year leading up to August, where SQM Research reported a 20 per cent overall drop in Melbourne property sales listings.
This means that while supply begins to rise in the market, demand, or at least the willingness to fork out the asking reserve price on a home, may be reducing.
This is consistent with the prediction from CoreLogic that investor credit is slowing as the Australian Prudential Regulation Authority (APRA) continues pressuring banks to be more conservative on investment lending. With investors slowly getting restricted from entering the market, the demand for Bentleigh real estate from these types of buyers may lose momentum. As a first time homebuyer, this could mean you'll be able to get a great price for real estate in Bentleigh in the coming months.
Want to take advantage of the cooling competition in Melbourne? Give Matt Hurlston and Ray White Carnegie a call and we'll help you find something perfect for your needs.