Consecutively one more year the home auction in Melbourne real estate market lost its pace coming towards the arrival of the winter making this the second year for such result. If we compare this year and the previous year the results look worse this year.
On the other hand, if only June auctions are compared, the week before broke the records for June auctions with respect to property listing numbers. Unfortunately, now since the school holidays have begun, auctions are very unlikely to gain pace even in the regional market.
Talking about the extremities, the highest paid property was auctioned up to over 3 million dollars while the lower limit goes down to 250 thousand dollars. The median rate this year was 760 which is better than that in last year for same weekends. The overall auction money goes over 350 million.
If we try to find out the reason for the low result, evident and strong ones would be a large number of June auctions and of course the school holidays at the end of the month. However, there has been quite an uproar by the famous “Brexit” event, in addition to a lot of property still left for auction in Melbourne and a large number migrations this year, the result is least probable to gain any pace. It can be said that Melbourne real estate market is to be on a pause for some time. Though one event that still has the potential to change things are the federal elections.
Let’s wait for the results to know more. Till then for more updates on real estate, keep visiting Steven Macaw’s blog.
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