The AFL Grand Final discouraged vendors from planning auctions on what property experts have labeled a 'weekend hiatus'. Following the previous weekend's impressive 887 auctions, only 43 properties went under the hammer this week according to Australian Property Monitors (APM).
The weekend's low numbers were not unusual for this time of year – the previous five years show similar dips in listings. Overall, a continued rising trend is boosting the Melbourne real estate market, with 26.5 per cent more properties being auctioned than during the AFL Grand Final weekend in 2012.
The clearance rate was not affected by the low numbers. An impressive 76 per cent of properties were sold. The result is on par with the growing rates seen earlier in September and shows a marked improvement on last year's 63 per cent clearance.
The Melbourne property market is expected to return to the rising number of listings seen in previous weeks, now that the footy hiatus has passed.
If the figures from earlier this month are any indication for what to expect in the near future, the number of new sale listings and auctions will continue surging forward in October.